What are the 3 Basic Rules in Accounting.
- 167 Answers
- 563869 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
Answers were Sorted based on User's Feedback
Answer / suhasini modagi
According to me whatever answer posted above is not correct
because, they have highlighted basic principals of
accounting and not rules of accounting.
total assests: Liab+Capital
Total Liab: Capital -Assests
Capital: Equity+liab(Borrowed Capital)
| Is This Answer Correct ? | 175 Yes | 65 No |
Answer / smriti arora
For these rules all the accounting transactions are divided
into three accounts: Real, Nominal and Personal. And the
rule says:
Real Account:
Debit what comes in
Credit what goes out
Personal Account:
Debit the reciever
Credit the giver
Nominal Account:
Debit all expenses and losses
Credit all incomes and gains
| Is This Answer Correct ? | 120 Yes | 16 No |
Answer / mahesh kumar
1.Real Account
what comes in Dr
what goes out Cr
2.Personal Account
The Reciver Dr
Giver Cr
3.Nominal Account
All Expenses Dr
All incomes Cr
| Is This Answer Correct ? | 114 Yes | 20 No |
Answer / pramod adhikary
There are two kinds of accounts: 1. Personal Account, and
2. Impersonal Account
1. Personal A/C Dr. the Receiver, Cr. the giver
2. Impersonal account can be devided in to two groups: 1.
Nominal A/C, 2. Real A/C
2.1. Nominal A/C : All expenses and losses Dr., and all
income and gains Cr.
2.2. Real A/C: Dr. what goes out, Cr. what comes in
| Is This Answer Correct ? | 106 Yes | 29 No |
Answer / nagesh
what is the mean of INPUT &OUTPUT TAX ,
and what is the mean of INPUT & OUT PUT VAT
| Is This Answer Correct ? | 107 Yes | 41 No |
Answer / nitesh
Basic Rule of accounting also called the three golden rule
of accounting.these are followings-
1.Personal Account: means related to individual
Debit the Receiver
Credit the Giver
2. Real Account:means that we can see or touch
Debit What comes in
Credit What goes out
3.Nominal Account: which we can not see or touch
Debit all expenses and losses
Credit all incomes and gains
| Is This Answer Correct ? | 40 Yes | 4 No |
Answer / n.kalavathi
1.Personal A/c:
1.Debit the receiver
2.Credit the giver.
2.Real A/c:
1.Debit what comes in
2.Credit what goes out.
3.Norminal A/c:
1.Debit all expenses and loss
2.Credit all incomes and gains.
| Is This Answer Correct ? | 34 Yes | 1 No |
Answer / m.neeraja
personal a/c: D.R the receiver
c.r the giver
Real a/c : d.r what comes in
c.r what goes out
nominal a/c : d.r all expenses&losses
c.r all incomes & gains.
| Is This Answer Correct ? | 27 Yes | 1 No |
1.total asset = total of liability(including owners equity)
2. total of liability = total of asset-owners equity
3. total owners equity= total of assets - total of
liabilities.
| Is This Answer Correct ? | 27 Yes | 4 No |
Answer / rakesh
#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 the Exp. & losses
Credit all the income & gains
| Is This Answer Correct ? | 22 Yes | 1 No |
Hi, I am preparing for Junior Accounts Officers test- APTRANSCO. Can any one suggest the model paper / Books available? john kadapa
deffered tax treatment in financial statements
Calculate Income Ta X On Nett Income Of Rs 365520 For Men,women And Senior Citizen For The Assessment Years 2009- 10 And 2010-11?
what do u mean by comparative budget?
Bank Overdraf is an Asset or a liability for a Bank?
what is exercise duty how to calculate that and how to update in tally
Expand C P F
How Are The Balance Sheet And Income Statement Connected?
state wheather the following statements are true or false i, the issue of shares ata discount must be authorized by a special resolution of company. ii, operating or finance lease comes under provision of as- 13 iii, at the end of the accounting period the balance of "goods sent to branch account" is transfered to trading acount iv, for life business premium is to be recognized on receipt basis v, a banking cannot grant any loans on securities of its own shares
what is Accrual ?
what is finance
What is the Meaning of Current ratio?
Audit 
