basic rules in accounting
Answers were Sorted based on User's Feedback
Answer / rdiyewar
1. Debit to receiver
Credit to giver
2. Debit what comes in
Credit what goes out
3. Debit All Exp /Loss
Credit Income/Gain
Is This Answer Correct ? | 136 Yes | 6 No |
Answer / naresh
their are 3 types of accountants
1) personal account
2) Real account
3)nominal account
personal a/c
Dr receiver
Cr to giver
Real a/c:
Dr what comes in
Cr what goes out
nominal A/c
All Exp /Loss
Cr Income/Gain
Is This Answer Correct ? | 109 Yes | 2 No |
Answer / viral
1) Personal a/c
debit to receiver a/c
credit to giver a/c
2) Real a/c
debit what comes in
credit what goes in
3) Nominal a/c
debit to all expenses/loss
credit to income/gain
Is This Answer Correct ? | 47 Yes | 3 No |
Answer / rdiyewar
Rule 1: Total asset= Total liab + owner's Equity
Rule 2: Debit: all exp & loss
Credit: all income & gain
Rule 3: Total of debit side = Total of credit side
Is This Answer Correct ? | 73 Yes | 35 No |
Answer / rangasamy
personel accout
debit = receviver
credit = give
real account
debit = what comesin
credit what goes out
nominal account
debit = expenses / looss
credit = income /gain
Is This Answer Correct ? | 39 Yes | 3 No |
Answer / junaid
Personal
Debit to Receiver
Credit to Giver
Nominal
Debit to all Exp / Loss
Credit to all incomes / gains
Real
Debit to what comes in
Credit to what goes out
Is This Answer Correct ? | 28 Yes | 1 No |
Answer / sunny
They are those basic principles and conventions of
preparing an accounting statements and in recongnition of
certain transactions in the accounts and their
treatments.Eg, The Double entry principle which states
that, for every debit entry, there must be a corresponding
credit entry in order that the account can balance.
Is This Answer Correct ? | 37 Yes | 13 No |
Answer / anil bhujel
Generally there are three sorts of accounts,i.e. Personal
accout, real account and nominal account.
1)Personal Account:
Dr.Receiver
CR. Giver
2)Real Account:
Dr. What comes in
Cr. What goes out
3)Nominal Account:
Dr.All expenses/loss
Cr. al profits/gains
Is This Answer Correct ? | 12 Yes | 1 No |
Answer / lalit kumar
real a/c
comes in is dr
goes out is cr
nominal a/c
loss are always
incoms are always cr
recever dr
giver cr
Is This Answer Correct ? | 6 Yes | 1 No |
Answer / deepak
As per modern accounting concepts,
Assets/Expenses: -
Increase - Debit
Decrease - Credit
Liablities/Income: -
Increase - Credit
Decrease - Debit
No doubt, Golden Rules of accounting also exists as stated
above by many of my friends. But modern rules is a better &
simpler way to understand the accounting entries.
Is This Answer Correct ? | 1 Yes | 0 No |
we want all sbi previous questions papers in our e.mail krishna2043 on yahoo
What is meant by the word Liquidation. Give examples
Hi dis is lalitha. I got selected for muthoot finance PO for the final interview. can u plz tell me what type questions they will ask? my mail id is plalitha87@gmail.com. can u plz pass the questions to my mail, my interview is on jan 04,2012. Thanks in advance.
How to calculate bank's turnover?
11 Answers Banking, DCCB, District Cooperative Central Bank DCCB, HDFC,
Hello, Can u tell me the procedure of Sale Tax Registration in Jharkhand. (VAT & CST )WITH Supporting Proof
what is debit note entry ?
What is mean by account receiveble and account payable how it will goes to upto finalazation.and wher it will papper in accounts books.and wher it well be apper in accounts books can you tell for my accounts interview perpose.
Rams due of Rs 32500/- was settled thru adjustment of security deposit Rs 12000/-and the balance in cash.pass necessary entry
can depreciation on live stock?
What is mean by bills receivable?
Who invented Double entry system of Accounting and when
if anybody tell me difference between DD, PO & Cheques