New NABARD Grade A : How to prepare ESI for Prelims & Mains- Sources & Strategy
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Question

The rule for nominal accounts is

A Debit the Receiver, Credit the giver Correct Answer Incorrect Answer
B Debit what comes in, Credit what goes out Correct Answer Incorrect Answer
C Debit all expenses and losses, Credit all incomes and gains Correct Answer Incorrect Answer
D All of the above Correct Answer Incorrect Answer

Solution

The rule for nominal accounts is Debit all expenses and losses, Credit all incomes and gains. This rule helps in correctly recording the financial transactions related to nominal accounts in accounting.

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