Question

what is meant by conveyance expenses?? which type of a/c is it???

Answer 1

• conveyance expenses are those expenses given for travel from office to home and home to office and for local travels .

• Conveyance expenses given by company to its employees
• Conveyance expenses is the expense to the company therefore its type of accounts is nominal account
• nominal account rule is debit all expenses and losses, credit all the incomes and gains

• therefore conveyance expenses need to be debited in journal entry .

Hope its useful ...!!

Answer 2

Answer:

Conveyance expense is a nominal account.

Explanation:

• Conveyance expenses are those paid for travel from the office to the home, from the home to the office, and for local travel.
• Conveyance expenses paid by the company to its employees.
• Because conveyance expenses are an expense to the company, its type of account is a nominal account.
• The nominal account rule is to debit all expenses and losses and credit all income and gains.
• As a result, conveyance expenses must be debited in a journal entry.