Nominal A/c & it's examples Golden rules of A/c'ing

Question

Accepted Answer

Nominal A/c is a temporary account used to record revenue, expenses, and gains or losses.

Nominal A/c is also known as Income Statement A/c
Examples of Nominal A/c include Rent, Salaries, Interest, and Depreciation
Golden rules of A/c'ing are Debit what comes in, Credit what goes out and Debit the receiver, Credit the giver
These rules help maintain the balance sheet and ensure accurate financial reporting

Accepted Answer

Golden rules of Accounting:

Real Account- Relates to assets and liabilities
Debit what comes in
Credit what goes out
For Personal Account-Relates to people, associations and companies

Debit the Receiver

Credit the Giver

For Nominal Account-Relates to income, expenses, gains and losses
Debit the expenses and losses
Credit the income and gains

Nominal A/c &amp; it's examples Golden rules of A/c'ing