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What are the golden principles of accounting? Give an
example for each.

Answers were Sorted based on User's Feedback



What are the golden principles of accounting? Give an example for each...

Answer / jubeda

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

What are the golden principles of accounting? Give an example for each...

Answer / jubeda

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

What are the golden principles of accounting? Give an example for each...

Answer / shraddha desai

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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