The rule 'debit all expenses & losses and credit all incomes & gains' relates to ____________.

Personal A/c

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Real A/c

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Nominal A/c

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None of these

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Solution

The correct option is C Nominal A/c
Nominal accounts are the accounts which relate to incomes and expense. The golden rule for nominal account is debit all expenses and credit all incomes.

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Similar questions

List I	List II
(Types of accounts)	(Principles)
A. Real Accounts	1. Debit the receiver Credit the giver
B. Nominal Accounts	2. Debit what comes in Credit what goes out
C. Personal Accounts	3. Debit all expenses and losses Credit all gains and incomes

List-I(Types of accounts)	List-II(Principles)
I. Real Accounts	(a) Debit the receiver credit the giver
II. Nominal Accounts	(b) Debit what comes in credit what goes out
III. Personal Accounts	(c) Debit all expenses,losses credit all incomes,gains

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