Question

Write down accounting rule of Nominal account ?
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Answer 1

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Nominal accounts are temporary accounts businesses use to record income, gains, expenditures and losses over a specific accounting period of time.

Take a look at the three main rules of accounting:-

Debit the receiver and credit the giver. Debit what comes in and credit what goes out. Debit expenses and losses, credit income and gains.

Answer 2

Nominal accounts are temporary accounts which are used to record gains, expenditures, or losses over a specific period.