In a non-integrated system of accounting, the emphasis is on,
(a) Personal accounts
(c) Nominal accounts
(b) Real accounts
(d) All of these
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a) personal accounts
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In a non-integrated system of accounting, the emphasis is on Nominal accounts. (Option c)
Nominal accounts:
- Accounts linked to losses, expenses, income, or gains are known as nominal accounts.
- A purchase account, a sales account, a salary account, a commission account, and so on are all examples of different types of accounts.
- Profit or loss is the result of a nominal account, and it is subsequently transferred to the capital account.
The following are the golden rules for recording any nominal account transaction:
1. Debit all the expenses and losses.
2. Credit all the income and gains.
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