Question
The accounting rule, "Debit all ___________, credit all
gains & income" pertains to ____ accounts.Solution
The accounting general rule for recording financial transactions of nominal accounts in double-entry bookkeeping is "Debit all losses & expenses, credit all gainsĀ &Ā income."Ā Ā Nominal accounts areĀ temporary accounts, recording and keeping track of your profits, revenues, expenses, losses. Debiting lossesĀ andĀ expensesĀ representsĀ anĀ increaseĀ inĀ these accounts, reflecting the use of assets or incurring of liabilities, while crediting gains and income accounts represents an increase in owners' equity through earned revenue or financial gains. This method ensures accurate and balanced financial records.
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