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A debit in a nominal account denotes . .... ? (a) income (b) loss (c) revenue (d) expense

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Question ajoutée par VENKITARAMAN KRISHNA MOORTHY VRINDAVAN , Project Execution Manager & Accounts Manager , ALI INTERNATIONAL TRADING EST.
Date de publication: 2014/11/18
VENKITARAMAN KRISHNA MOORTHY VRINDAVAN
par VENKITARAMAN KRISHNA MOORTHY VRINDAVAN , Project Execution Manager & Accounts Manager , ALI INTERNATIONAL TRADING EST.

The Nominal accounts are temporary accounts which are closed at the end of each year by moving their balances to Permanent accounts. Accounts that come under this type are expenses, gains, revenues, losses. The balance of these accounts becomes assets or losses at the end of year and moved to permanent accounts. The accounting rule that is used for this type of accounts is "Debit all expenses and losses" and "credit all incomes and gains". While paying the salary to the employees in cash, the amount is debited from the salary account (nominal account). If a discount is got from a company then it is credited to the discounts account.

SREEDEVI SUNILKUMAR
par SREEDEVI SUNILKUMAR , Business finance officer , Emirates Airline

loss & expense

Malik Khalid Mahmood
par Malik Khalid Mahmood , Regional Finance Manager , Leosons International FZ LLC

What is this?

Judie Ann Bongawan
par Judie Ann Bongawan , Acting Supply Officer II , National Food Authority

Debit all expenses and losses

Utilisateur supprimé
par Utilisateur supprimé

Answer D is correct

Fazal e Dayan Fazal
par Fazal e Dayan Fazal , Accountant , Kuwait Network Electronic Technology L.L.C

Expense and Loss

Yusuf Mohammed
par Yusuf Mohammed , Chartered Accountant , MY&CO Chartered Accountants

Debit in Nominal account denotes : Expenses or Losses

NAZAKAT ALI SHAHZAD ACCA UK MSC UK BSC UK MBA PAK
par NAZAKAT ALI SHAHZAD ACCA UK MSC UK BSC UK MBA PAK , FINANCE MANAGER , RAPCO FOR CONTRACTING AND INDUSTRAIL SERVICES COMPANY

LOSS

Lesley Lanag CMA CPA
par Lesley Lanag CMA CPA , Senior Accountant , Takaful Emarat Insurance (P.S.C)

A debit in nominal account means an increase in either a B or D, or decrease in A or C. Technically, the question is not valid,  the answer depends on the movement of each option. It could be all of the above. 

georgei assi
par georgei assi , مدير حسابات , المجموعة السورية

The opponent is of expenses and thus holds the profit and loss account is

Loss

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