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swamy

{ City } bangalore
< Country > india
* Profession * accountant
User No # 22635

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Questions / { swamy }

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what are the acccounting standards ?

2 Accounting AllOther 4590

Answers / { swamy }

Question { Patni, 42034 }

what are the golden rule of accounting.

Answer

1. Debits always equal credits
2. Increases do not necessarily equal decreases and,
3. Assets - liabilities = owner's equity (the accounting
equation).

and

There are three accounts
1. Personal
2. Real
3. Nominal

The three golden rules are
1. personal Account
Debit the receiver & Credit the giver

2. Real Account
Debit what comes in & credit what goes out

3. Nominal Account

Debit the expenses & Losses & Credit the Income & gain

Is This Answer Correct ?

72 Yes

14 No