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Golden rules of accounting
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Answer Posted / manjusree .s.
For the purpose of accounting we can classify the accounts
as three catagories. They are Personal account, Real
account and nominal account.For each and every transaction
there will be two aspects,ie,. Debit and credit. So while
applying the golden principles upon these catagories we can
reac the bellow mentioned summary.
Personal account:Debit what comes in, Credit what goes out.
Real account :Debit the reciever while Credit the giver.
Nominal account :Debit all expences and losses, Credit all
incomes and gains.
| Is This Answer Correct ? | 13 Yes | 21 No |
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