what is fundamentals of accounting ?
Answers were Sorted based on User's Feedback
Answer / vinotha.v
FUNDAMENRALS OF ACCOUNTING :
1.PERSONAL A/C,
2. NOMINAL A/C,
3. REAL A/C.
PERSONAL A/C :
DEBIT THE RECEIVER
CREDIT THE GIVER.
NOMINAL A/C:
DEBIT ALL EXPENDITURE
CREDIT ALL INCOMES.
REAL A/C:
WHAT COMES IN
WHAT GOES OUT.
SO VERY IMPORTANT POINT DEBIT AND CREDIT.
Is This Answer Correct ? | 98 Yes | 12 No |
Answer / hemanth.n.s
Accounting system is based on the golden rule of debit and
credit in respect of various accounts such as personal
account, real account and nominal account.
Is This Answer Correct ? | 53 Yes | 13 No |
Answer / vipin kumar rustagi
FUNDAMENRALS OF ACCOUNTING : VERY IMPORTANT IS DEBIT &
CREDIT.
THERE IS THREE TYPES
1.PERSONAL A/C, 2. NOMINAL A/C, 3. REAL A/C.
IN PERSONAL A/C :(DEBIT THE RECEIVER
CREDIT THE GIVER).
NOMINAL A/C: (DEBIT ALL EXPENDITURE
CREDIT ALL INCOMES).
REAL A/C:(WHAT COMES IN
WHAT GOES OUT).
FINALLY WE GOT THAT DEBIT & CREDIT IS MAIN FUNDAMENTAL OF
ACCOUNTING.
Is This Answer Correct ? | 40 Yes | 8 No |
Answer / siva prasad.y
Fundamentals of 'Accounting' are Debit & Credit
Is This Answer Correct ? | 56 Yes | 31 No |
Answer / rama devi
ACCOUNTING IS DEFINED AS "THE ART OF RECORDING. CLASSIFYING
AND SUMMARISING IN TERMS OF TRANSACTIONS AND EVENTS OF A
FINANCIAL CHARACTER AND INTERPRETING THE RESULTS THEREOF
Is This Answer Correct ? | 30 Yes | 5 No |
Answer / vo jayakrishnan
ACCOUNTING IS DEFINED AS "THE ART OF RECORDING. CLASSIFYING
AND SUMMARISING IN TERMS OF TRANSACTIONS AND EVENTS OF A
FINANCIAL CHARACTER AND INTERPRETING THE RESULTS THEREOF"
Is This Answer Correct ? | 29 Yes | 6 No |
Answer / sukirti
only cash transaction are recorded.
dual entry is done.
one year a/c's are prepared.
B/S is prepared once's in year end.
Is This Answer Correct ? | 60 Yes | 38 No |
Answer / vinoth
This system is called double-entry because each transaction
is recorded in at least two accounts. Each transaction
results in at least one account being debited and at least
one account being credited, with the total debits of the
transaction equal to the total credits.
Is This Answer Correct ? | 36 Yes | 14 No |
Answer / ajay srivastava
Fundamentals of accounting is to find out the change in position of assets and liabilities in a given time frame say one year period to ascertain the effects of business transactions. for this purpose we use a systematic method of keeping books of accounts which are prepared of generally accepted accounting principles.
Is This Answer Correct ? | 16 Yes | 2 No |
Answer / n.sudhakar babu
Fundmentals of accounting systems is cash system or accural
system and Mercantile system
Is This Answer Correct ? | 8 Yes | 2 No |
How and by whom the Percentage of Depreciation is fixing?
HOW TO CALCULATE NAV? If investment Rs 70000 ( unit 1689.197), dividend recd.Rs.10135.18
In p&l account where does miscellaneous expenses comes
Car purches from Amar Traders of rs- 2000 Payed in cash.This is a journal entry (open F7).
3 Answers Aventis Electronics,
what is meant by fixed deposit?
If I purchased a machinary of Rs. 50,000 and Received a free printer of Rs. 3000 . What its Accounting entry?
what is importance of accounting?
Explain why the assets of a partnership are usually revalued before the admission of a new partner or the retirement of an existing partner
What is the greatest difficulty in implementing FCA?
A firms average total cost is Rs.300 at 5 units of output and Rs.320 at 6 units of output the marginal cost of producing the 6th unit is................
TDS ENTRIES IN THE HANDS OF PAYER & PAYEE
How can we calculate the total income of the company.