What are the 3 Basic Rules in Accounting.
- 167 Answers
- 563650 Views
- AAA, ABC, Accenture, Amba Research, Birla Sun Life, CTS, CWDF, DELL, Franklin Templeton, iGate, IHP, JPMorgan Chase, Lexi Pens, Mastek, Trinity Technologies, VC Engineering, I also Faced
- E-Mail Answers
Answer Posted / julietmary antony
THREE TYPES OF ACCOUNTS :
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 EXPENSES AND LOSSES
CREDIT ALL INCOME AND GAINS"
(THESE ARE GOLDEN RULES OF ACCOUNTING)
| Is This Answer Correct ? | 1 Yes | 0 No |
Post New Answer View All Answers
what are the importance accounting entries for AP and AR process in interview..
intorduse your self ? what to say if iam fresher.
Expand--------SRTA
what is a depository?
Why it is necessary to use SAP in an industry? & What is the difference from other advance accounts software like Tally ERP 9? What is the importance of using GAAP for best management decission or why GAAP using by Top Management?
Expand---------NMOP
While selling fertilisers can we charge VAT on excise duty.
i m a student of icwai i have just passed out my foundation and i wanna no if i should go for both intermediate group together or not....
what are Blue-Chip companies?
What is outsider equity and time interest period ratio?
Weather Entry tax on consumable goods purchased against CST
Why not we must to created Provision & Reserve? And if we're not to recognized what the effect will be?
Distinguish capital and revenue expenditure
Short Answer on __________Leverage
please answer this question.the following balances were extracted from the books of modern traders on 31st dec,2010.capital(85000)fixed assets(45000)stock1-1-2010(15000)sundry debtors(20600)productive exp(3300)reserves fund(6600)discount received(800)cash in hand(6200)drawing(5000)accomulated dep.(9000)purchases(82000)bad debts(400)unproductive exp.(27400)sundry creditors(9000)sales(120000)cash at bank(25500).adjustments.stock on 31-12-2010(15000).outstanding wages (5000) write-off (600)of further bad debts. create provision for bad & doubtful debts at {5%) on debtors.unproductive expenses includes anitem of prepaid insurance (100).provide depreciation on original cost of fixed assets @ (10%).
