Answers:
Answer #1The accounting rules are called the 'golden rules of accounting'
i.e.
Debit what comes in, and credit what goes out
Debit the receiver and credit the giver
Debit all expenses and loss and credit all incomes and gains.
i.e.
Debit what comes in, and credit what goes out
Debit the receiver and credit the giver
Debit all expenses and loss and credit all incomes and gains.
Answer #2Threre are 3 types of golden rules in accounting
1)personal accounting
2)real accounting
3)Nominal accounting
1.personal accounting refers to individuals or organisation or companises the rule of personal accounting debit the reciever credit the giver
2.real accountinf refers to tangible and intangible assets the rukle of real accounting debit what comes in credit what goes out.
3.Nominal accounting refers to all expenditure and income the rule of nominal accounting debit all expenses/losses credit income/gains
1)personal accounting
2)real accounting
3)Nominal accounting
1.personal accounting refers to individuals or organisation or companises the rule of personal accounting debit the reciever credit the giver
2.real accountinf refers to tangible and intangible assets the rukle of real accounting debit what comes in credit what goes out.
3.Nominal accounting refers to all expenditure and income the rule of nominal accounting debit all expenses/losses credit income/gains
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