Identify the wrong accounting rule .
A. Nominal Account: Debit all expenses and losses
B. Real Account: Credit what comes in
C. Nominal Account: Credit all incomes and gains
D. Personal Account: Debit the receiver
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Explanation:
3 golden rules of accounting are: in personal account -the rule is debit the receiver credit the giver. rule in real account -debit what comes in credit what goes out. nominal account -debit all expenses and losses, credit all income and profits.
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Answer:
C. Nominal Account: Credit all incomes and gains
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