What are the accounting principles or concepts.Expalin briefly.
Answer Posted / s.v.ramana
1.Personal Accounts:
Debit the receiver, Credit the giver
eg. Rama a/c, SBI a/c, Shri & Co, a/c
2.Real Accounts (Assets Account):
Debit what comes in, Credit what goes out
eg. Furniture, Machinery etc.
3.Nominal Accounts :
Expences & losess should be Debit, Profits & Gains should
be Credit
eg. Rent a/c, Interest Received
Is This Answer Correct ? | 38 Yes | 13 No |
Post New Answer View All Answers
closing stock at the end is comprised of %a purchase price of $60000,10% discount and 15% import duty.The stock can be sold for $70000 after incurring costs of $1950.Included in the purchase price is abnormal wastage of $2000.Transportation costs are $1000 and storage costs are $500,what is the value of the closing stock?
Have you worked with other on team endeavors
How do you plan to achieve these goals
give me only one transactions in both side (debit&credit) should be in real accounts
Clasify capital
what is a Depository Participant?
What is the difference between income statement & Profit&loss A/c?
Sir i am working in 3 star hotel as a senior accountant i need some general letter drafts pleas do the need ful
How good are you at Finance?
How does the ration analysis help in depicting profit and loss
Suppose the production is more and sales less then what will happen
What is compensation theorem?
Expand ________FIPB
For how long should prepayments be carried in the books as fictitious asset and when is it ideal for a new coy to pay tax
What is Financial planning?