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Accounting basic rules with example relevant to day to day
business
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Answer / ameet narayankhedkar
Accounting is a language: A language that provides
information about the financial position of an organization.
There are three basic rules:
1.Personal 2. Real and 3. Nominal accounts.
1.Personal: Debit the receiver, credit the giver.
2. Real : Debit what comes in and Credit what goes out.
3. Nominal: Debit all expenses and losses and Credit all
incomes and gains.
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Answer / varalakshmi
accounting is a one diffrent language for business
transactions. loca pacioli provided the accounting rules.he
is the father of accounts.
the accounting is three basic rules
1.personal account
2.real account
3.nominal account
personal : debit the receiver , credit the giver
example: capital.
real : what comes in debit, what goes out credit
example: bank
nominal : expenses & losess debit, profits and gains credit.
example : slaries.
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