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Answer / aditya srivastava
Debit the receiver.
Credit the giver.
Debit wat comes in.
Credit wat goes out.
Debit all expenses and losses.
Credit all incomes and gains.
|Is This Answer Correct ?||8 Yes||3 No|
Answer / hr sreepada bhagi
The question is about Accounting Principles and not about
Debit-Credit rules for the three types of accounts mentioned
principles of Accounting refers to the basic or fundamental
concepts & conventions for recording the transactions and
reporting. These Principles are broadly divided in to A)
Concepts & B)Conventions.
A few examples of Accounting Concepts are - 1.Business
Entity, 2.Accounting Period, 3.Money Measurement, 4.Accrual
(Matching), 5.Materiality, etc. and Conventions like
1.Consistency, 2.Consistency, etc. (This list is incomplete
& without explanation)
For detailed knowledge, refer Book on Accounting Principles
or Fundamentals of Accounting or Advanced Accountancy
|Is This Answer Correct ?||6 Yes||2 No|
Answer / sudhansu
basic principies of accounting are
1.revenue recognition principle
2.historical cost principle
4.full discloser principle
|Is This Answer Correct ?||1 Yes||0 No|
Answer / moin
There are 3 types of accounting principles.
1) PERSONAL ACCOUNT
Debit the Receiver
Credit the Giver
2) REAL ACCOUNT
debit what goes out
Credit what comes in
3) NOMINAL ACCOUNT
Debit all expenses and losses
Credit all gains and incomes
|Is This Answer Correct ?||4 Yes||11 No|
What is Accrual?
The following are details of an invoice from a foreign supplier of goods: 20 pieces of item X @ $ 20 per piece $ 400 20 pieces of item Y @ $ 5 per piece 100 Shippingcharges 40 Discount -80 Total $ 460 Total cost of above shipment of goods is Dh 2,300 which is made up of Dh. 2,070 representing cost of transferring the above invoice amount of $460 and the balance of Dh 230 represents other direct costs You are required to calculate the landed cost in Dirhams for ONE PIECE of item X.
Q5 Prepare a Balance sheet from the following particulars: Gross profit =Rs.80,000 Gross profit to cost of goods sold =1/3 Stock velocity =6 times Opening stock =Rs.36,000 Accounts receivable velocity =72 days (year=360 days) Current assets=Rs.1,50,000 Account payable velocity=90 days Bills receivable =Rs.20,000 Bills payable=Rs.5,000 Fixed assets turnover ratio (on cost of goods sod)=8 times
Short Answer on _________BOOK Keeping
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