Multiple Choice Questions on The rule of debit all expenses and losses and credit all gains and income is applicable to ........ for UPSC EPFO Exam Preparation

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Multiple Choice Questions

The rule of debit all expenses and losses and credit all gains and income is applicable to ........

General Accounting Principles Introduction to Accounting
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    The rule of debit all expenses and losses and credit all gains and income is applicable to

     

    Real accounts

    Incorrect Answer

    Nominal accounts
     

    Correct Answer

    Personal accounts

    Incorrect Answer

    Artificial Personal accounts

    Incorrect Answer
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    Explanation:

    Nominal / Fictitious Account: It relates items which exist in name only. This account incorporates items relating to 'Expenses and Losses', and 'Incomes and Gains'. e.g., Rent, Salary, Dividend, Bad Debts, etc.

    Rule for Nominal Account is: All expenses and losses - Debit ; All income and gains - Credit

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