Identify which is wrong rule?
A. Nominal account - debit all expenses & losses
B. Real account - credit what comes in
C. Nominal account - credit all incomes & gains
D. Personal account - debit the receiver
Answer: Option B
This Question Belongs to Commerce >> Miscellaneous In Commerce
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A. Expenditure for the business
B. Cost for the business
C. Gain for the business
D. None of the above
Which of these items would be accounted for as an expense?
A. Repayment of bank loan
B. Dividend to stock holders
C. The purchase of land
D. Payment of current period rent
Debit the receiver credit the giver rule for:
A. Real a/c
B. Personal a/c
C. Nominal a/c
D. None of these
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