Question { Genpact, 6321 }

"What is the golden rules of accounting"

Answer

Accounting Rules are Classified in to two
Personal Account and Impersonal Account and again Impersonal
account classified in to two Real Account and Nominal Account

Personal A/c :- Debit the Receiver
Credit The Giver

Real Account :- Debit What Comes in
Credit What Goes out

Nominal Account :- Debit All Expenses and Losses
Credit All Income and Revenues

Question { Genpact, 9479 }

WHAT IS DEPRICIATION?

Answer

Depreciation Means decrease in the value of Asserts

For example, cars tend to depreciate over the course of
several years of ownership. Factors like wear and tear, the
conditions of the market, and age can all have an impact on
depreciation. Some assets grow more valuable or appreciate
over time, such as real estate.

Question { Genpact, 14577 }

WHAT YOU MEAN DEBTOR AND CREDITOR?

Answer

Debtors Means the one who owe you
and Creditor Means the one who you owe him

Debtors are shown In Balance sheet under Asses side
Creditors are shown In Balance sheet under Liability side