Question

nominal account rul​

Answer 1

Answer:

Accounting rules are statements that establishes guidance on how to record transactions. As per accounting rules all the accounting transactions should be recorded in the books of entity using double entry accounting method. Double entry accounting method means for each transaction two (or more) accounts are involved, one account shall be debited and the other account shall be credited with the same amount.

Answer 2

Answer:

The rule for nominal account is

Debit all expenses and losses and credit all incomes and gains.

Explanation: