Question

Revaluation Account is _________ account. (real/nominal)

Hint:

Revaluation accounts deal with gains or losses in real accounts that affect the balance sheet and are therefore classified as nominal.

Answer 1

Step 1: Understanding the Revaluation Account.
A Revaluation Account is a nominal account because it deals with gains or losses arising from the revaluation of assets and liabilities at the time of a partnership change.
Step 2: Conclusion.
The correct answer is nominal, as the Revaluation Account records the gains or losses of nominal nature.