Accounting · Rules of Debit and Credit

A credit balance in a nominal account indicates which of the following?

Verified Solution4 OptionsUpdated: October 2026👁️1 View

1Trade expenses
2Losses of trade
3Incomes and gains of trade✓
4Assets of trade

Correct answer

Incomes and gains of trade

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A credit balance in a nominal account indicates which of the following?

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A credit balance in a nominal account indicates which of the following?

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