Share application is what type of accoun

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Target Exam

CUET

Subject

-- Accountancy Part A

Chapter

Accounting for Shares

Question:

Share application is what type of account?

Options:

Permanent account

Temporary account

Either option 1 or 2

Neither option 1 nor 2

Correct Answer:

Temporary account

Explanation:

Share application account is only a temporary account for share capital transactions.