Credit - all gains and income is the rule for_______________.
A
Real account
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B
Personal account
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C
Nominal account
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D
None of these
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Solution
The correct option is C Nominal account There are mainly three types of accounts: Real, Personal and Nominal accounts.
Accounts which are related to expense, losses, incomes or gains are called Nominal accounts. E.g. Purchase A/c, Salary A/c, Sales A/c, Commission Received A/c.