Answer Posted / atheeq

Personal account - Deals with the live persons eg.,Ram,Chris etc

Debit the Receiver
Credit the giver

Real Account - Deals with the cash

Dedit what comes in
Credit what goes out

Nominal Account - Deals with the Expenses & Incomes

Debit all the Expenses & Losses
Credit all the Incomes & Gains.

Please define Transaction Type , Movement Type , Asset Transaction Type , Item Type & Document type. Please also give examples of each of them

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Entrance Exam question & Answer required

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What is contract accounting?

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