Answer Posted / guest

uestion
What are the 3 Basic Rules in Accounting.
Question Submitted By :: Rajesh
I also faced this Question!! Rank Answer
Posted By

Re: What are the 3 Basic Rules in Accounting.
Answer
# 26
1.total asset = total of liability(including owners equity)
2. total of liability = total of asset-owners equity
3. total owners equity= total of assets - total of
liabilities.

Is This Answer Correct ? 23 Yes 3 No
1
Sajidthurki

Re: What are the 3 Basic Rules in Accounting.
Answer
# 27
Basic Rule of accounting also called the three golden rule
of accounting.these are followings-

1.Personal Account: means related to individual
Debit the Receiver
Credit the Giver
2. Real Account:means that we can see or touch
Debit What comes in
Credit What goes out
3.Nominal Account: which we can not see or touch
Debit all expenses and losses
Credit all incomes and gains

Is This Answer Correct ? 34 Yes 3 No
0
Nitesh

Re: What are the 3 Basic Rules in Accounting.
Answer
# 28
1.Personal A/c:
1.Debit the receiver
2.Credit the giver.

2.Real A/c:
1.Debit what comes in
2.Credit what goes out.

3.Norminal A/c:
1.Debit all expenses and loss
2.Credit all incomes and gains.

Is This Answer Correct ? 26 Yes 1 No
0
N.kalavathi

Re: What are the 3 Basic Rules in Accounting.
Answer
# 29
personal a/c: D.R the receiver
c.r the giver

Real a/c : d.r what comes in
c.r what goes out

nominal a/c : d.r all expenses&losses
c.r all incomes & gains.

Is This Answer Correct ? 22 Yes 0 No
0
M.neeraja

Re: What are the 3 Basic Rules in Accounting.
Answer
# 30
Personal A/c
Debit;Receiver of the benefit,
Credit;Giver of the benefit,

Real A/c
Debit;All asset comes in,
Credit;All asset goes out,

Nominal A/c
Debit;All expenses & Loses
Credit;All profit & gains

Is This Answer Correct ? 19 Yes 1 No
0
Devraj

Re: What are the 3 Basic Rules in Accounting.
Answer
# 31
#1 Personal A/C

Debit the receiver
Credit the giver

#2 Real A/C

Debit what comes in
Credit what goes out

#3 Nominal A/c

Debit all the Exp. & losses
Credit all the income & gains

Is This Answer Correct ? 16 Yes 1 No
0
Rakesh

Re: What are the 3 Basic Rules in Accounting.
Answer
# 32
threebasic rules are also known as golden rules of
accounting . we have three types of accounts ie
Personal accounts(natural, artificial,representative)
Rule
Debit the receiver
Credit the giver
Real account(tangible,intangible)
Rule
Debit what comes in
Credit what goes out
Nomial account(which is not included in above a/c)
Rule
Debit all expenses and losses
Credit all incomes and gains

Is This Answer Correct ? 16 Yes 2 No
5
Priya

Re: What are the 3 Basic Rules in Accounting.
Answer
# 33
1-personal a/c

dedit what comes in
credit what goes out

2-real a/c

debit the receiver
credit the giver

3-nominal a/c

debit all expenses and losses
credit all incomes and gains

Is This Answer Correct ? 16 Yes 6 No
0
Shree

Re: What are the 3 Basic Rules in Accounting.
Answer
# 34
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 ? 18 Yes 2 No
0
Prakash

Re: What are the 3 Basic Rules in Accounting.
Answer
# 35
1 debit the reciver
credit the giver
2 debit what comes in
credit what gose out
3 debit all the expenses and losses
credit all the income and gains

Is This Answer Correct ? 17 Yes 2 No
0
Sukhbir

Re: What are the 3 Basic Rules in Accounting.
Answer
# 36
Nomial accounted :
Debit : All expenses& lossss
credit : All Incomes & gain

Real accounted:-
Debit : What comes in
Credit : What goes out

Personal accounted :-
Debit the receiver
Credit the giver

Is This Answer Correct ? 16 Yes 1 No
0
Shekar

Re: What are the 3 Basic Rules in Accounting.
Answer
# 37
Real Account:
Debit what comes in
Credit what goes out

Personal Account:
Debit the reciever
Credit the giver

Nominal Account:
Debit all expenses and losses
Credit all incomes and gains

Is This Answer Correct ? 13 Yes 0 No
0
Md.humayun Kabir

Re: What are the 3 Basic Rules in Accounting.
Answer
# 38
1. debit the receiver and credit the giver

2. debit whats comes in credit whats goes out

3. debit all lossed and expenses credit all gains and
incomes.

Is This Answer Correct ? 15 Yes 0 No
0
Sajid Farooqi

Re: What are the 3 Basic Rules in Accounting.
Answer
# 39
The Answer is Rule 1:Real A/c {asset}
when one asset comes in it should debited
when one asset goes out it should credited
Rule 2:personal a/c i.e (individual a/c)
when one person or co.receives benefit it should debited
when one person or co.gives benefit it should be credited

3.nominal a/c
all the expenses&losses should be debited
all the incomes&gains should be credited

Is This Answer Correct ? 14 Yes 0 No
0
Dilip Surana

Re: What are the 3 Basic Rules in Accounting.
Answer
# 40
This is universal question of accontancy to be known by
every accountant.

PERSONAL ACCOUNT:IT DEAL WITH PERSON AND ANY THING.(TRADING
A/C)

DEBIT THE RECEIVER,..
CREDIT THE GIVER.

REAL ACCOUNT:IT DEALS WITH CASH,BANK,THINGS..etc(PROFIT AND
LOSS A/C)

DEBIT WHAT COMES IN,..
CREDIT WHAT GOES OUT

NOMINAL ACCOUNT:IT DEALS WITH EXPENSES, INCOME AND GAINS
FROM BUSSINESS.

DEBIT ALL EXPENSEN AND LOSSES,..
CREDIT ALL INCOMES AND GAINS.

Is This Answer Correct ? 10 Yes 0 No
0
Vemula Sai Kiran

Re: What are the 3 Basic Rules in Accounting.
Answer
# 41
personal
debit the receiver
credit the giver

nominal


debit all expenses and losses
credit all incomes and gains
real




debit what comes in
credit what goes out

Is This Answer Correct ? 8 Yes 0 No
0
Ramana

Re: What are the 3 Basic Rules in Accounting.
Answer
# 42
pesonal account
debit to the receiver
creadit to giver

real ac
debit whats come in
credit what goes

nominal ac
debit all expences & losses
creadi all income & gain

Is This Answer Correct ? 8 Yes 0 No
0
Desai Uttam M

Re: What are the 3 Basic Rules in Accounting.
Answer
# 43
Dr the receiver
Cr the giver

Dr what comes in
Cr what goes out

Dr all expenses/ losses
Cr all incomes/gains

Is This Answer Correct ? 8 Yes 0 No
0
Sameer Bhagwat

Re: What are the 3 Basic Rules in Accounting.
Answer
# 44
MAIN 3 IMPARTENT & SIMPLE THINGS
PRERSONAL A/C
Debit is reciver
credit is giver
REAL A/C
What come in cash,things ect.,is DEBIT
What goes out praofit & loss is CREDIT
NOMINAL A/C
All expenses and losses in DEBIT said
All income and gains in CREDIT said

Is This Answer Correct ? 6 Yes 0 No
0
Vinay

Re: What are the 3 Basic Rules in Accounting.
Answer
# 45
There 3 basic rules in Accounting 1.Real Account what comes
in Dr what goes out Cr 2.Personal Account The Reciver Dr
Giver Cr 3.Nominal Account All Expenses ...

Is This Answer Correct ? 7 Yes 0 No
0
G.dhanapal

Re: What are the 3 Basic Rules in Accounting.
Answer
# 46
There are 3 Rules in Accounting
They are: Real Accounts: Debit what comes in & Credit what
goes Out
Personal Accounts :Debit the Receiver
Credit the Giver
Nominal Acounts: Debit all the Expenses
Credit All the incomes

Is This Answer Correct ? 5 Yes 0 No
0
Smitha

Re: What are the 3 Basic Rules in Accounting.
Answer
# 47
There are two types of accounts
1. Personal Account
2. Impersonal Account

1.Personal Account
Dr, the receiver
cr, the Giver

2.Impersonal account can be devided in to two groups:
2.1.Nominal A/C,
2.2.Real A/C

2.1 Nominal Account
Dr. all exp. & losses
Cr. all Income & Gain

2.2.Real Account
Dr. what comes in
cr. What goes out

Is This Answer Correct ? 8 Yes 0 No
0
Anuj Shah

Re: What are the 3 Basic Rules in Accounting.
Answer
# 48
pesonal account
debit to the receiver
creadit to giver

real ac
debit whats come in
credit what goes

nominal ac
debit all expences & losses
creadi all income & gain

Is This Answer Correct ? 5 Yes 0 No
0

if i am running a tank lorry and the income of the tank lorry comes under haryana VAT 2003?

1005

---

Define the term "Manufacturer"as introduced in finance act2010.

1674

---

WHEN I 1ST TIME VAT E-RETURN FILLING WHAT IS THE REQUIREMENT & HOW FOOL FILL THE REQUIRMENT , HOW I GET C FORM THROW VAT E-RETURN FILLING FOR THIS WHAT STEPS NEED FOR ANY REGESTRATION TO GET ID & PASSWORD IF ELSE , PLEASE GIVE ME THE ANSWER ON MY E.MAIL sonidilip87@yahoo.com

1372

---

we charge service tax in our Invoice.we pay it in time. At the end of the year other party gives his deduction as certificate. what to do with it ? how to submit again to tax authorities?

1448

---

agar hum koi sale return 3 month ke andar hi receive krte hai or part uski cst purchase ka bill deti hai or humse c form mangti hai to kya hum use LS-10 me tax benefit ke liye and LP-3 me c form issue krne ke liye kyoki central purchase ka haryana vat me benefit nhi milta kya dono form LP-3 and LS-10 me hum us return ko show kar skte hai

1214

---

---

I want to know how to calculate VAT / WCT Liability under composition scheme and regular scheme at Karnataka

1807

---

what is fbt@ ,sd @

1720

---

WHAT IS TAXATION?

1891

---

Define deferred tax liability? What items come under deferred tax liability?

685

---

What is income tax? How is it calculated?

642

---

What are all include taxation...? What is to be noted in the taxation...? Hints would be highly appreciated.

1420

---

Let me know the clauses (A)& (B) Of section 113 of the finance (No.2)Act2009?

1444

---

if any civil contractor provide service to education institute, then there is an exemption for service tax liability, and he should be quoted it on its invoice, can u provide me sample invoice formats

1728

---

what is a rule for issue form 38 and tham form c any purchaser can issue form 38 or there is certain rule and regulation.

2814

---

CASH SALE OF Rs. 10000/- WITH TAX. THEN WHAT SHOULD BE THE ENTRY BEHIND THIS IN BOTH SIDE SALES AND TAXATION.

1692

---