What are the golden principles of accounting? Give an
example for each.
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THERE ARE THREE GOLDEN PRINCIPLES OF ACCOUNTING
PERSONAL A/C - DEBIT THE RECEIVER
CREDIT THE GIVER
EG: NAME OF A COMPANY/FIRM/PERSON/ETC.
REAL A/C - DEBIT WHAT COMES IN
CREDIT WHAT GOES OUT
EG: EXPENSES/ASSETS/CASH/ETC.
NOMINAL A/C - DEBIT ALL EXPENSES/LOSSES
CREDIT ALL INCOMES/GAINS
EG: EXPENSES/INCOMES/INTEREST/COMMISSION/SALARY/ETC.
| Is This Answer Correct ? | 36 Yes | 1 No |
THERE ARE THREE GOLDEN PRINCIPLES OF ACCOUNTING
PERSONAL A/C - DEBIT THE RECEIVER
CREDIT THE GIVER
EG: NAME OF A COMPANY/FIRM/PERSON/ETC.
REAL A/C - DEBIT WHAT COMES IN
CREDIT WHAT GOES OUT
EG: EXPENSES/ASSETS/CASH/ETC.
NOMINAL A/C - DEBIT ALL EXPENSES/LOSSES
CREDIT ALL INCOMES/GAINS
EG: EXPENSES/INCOMES/INTEREST/COMMISSION/SALARY/ETC.
| Is This Answer Correct ? | 20 Yes | 2 No |
Personal : Debit the recevier
Credit the giver
Eg. Ram's A/C
Real : Debit what comes in
Credit what goes out
Eg. Cash A/C
Nominal : Debit the exps. and losses
Credit the income and gains
Eg. Discount A/C
| Is This Answer Correct ? | 14 Yes | 0 No |
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