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Categories >> Accounting >> Accounting AllOther


 Question Asked In Companies :: Accenture, Chartered Accountant, Flextronics, Genpact, Hewitt, HP, Intel, JPMorgan Chase, Oracle, Scope International, TCS, UCO Bank, WNS, Accounting, Ajuba, Northern Transport, TransWorld,     < I also faced this Question! >
 Question Submitted By :: dr. r.srinivasan
  Answer Posted By  
Accounting is mainly classified under three categories
which are below,

Nominal Accounting: Debit all Expenses and Losses
Credit all Incomes and Gains

Personal Accounting: Debit the Receiver
Credit the Giver

Real Accounting: Debit What comes in
Credit what goes out.

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