Question

The rules of debit and debit are applied to ______ type of accounts.

• A. personal
• B. nominal
• C. real
• D. all of the above

Answer 1

The correct option is D all of the above

There are rules for accounting. These are called Golden Rule of accountancy. Each type of account is having a separate rule.

Personal A/c: Debit the receiver and Credit the giver.

Real A/c : Debit what comes in and Credit what goes out.

Nominal A/c: Debit all expenses and losses and Credit all incomes and gains.