What are the golden rules of accounts, Accounting Basics

Personal accounts --> Debit the benefit receiver, credit the benefit giver

Real accounts --> Debit what comes in, credit what goes out

Nominal Accounts --> Debit all expenses and losses, credit all incomes and gains

 

Posted Date: 3/30/2013 5:33:30 AM | Location : United States







Related Discussions:- What are the golden rules of accounts, Assignment Help, Ask Question on What are the golden rules of accounts, Get Answer, Expert's Help, What are the golden rules of accounts Discussions

Write discussion on What are the golden rules of accounts
Your posts are moderated
Related Questions
Compare and contrast AICPA SSTS to Circular 230 related to knowledge of client''s omission.

ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account. Elaborate and explain why journal is necessary?

1. Fill in the table below.  Assume TC stands for Total Cost, TFC as Total Fixed Cost, TVC as Total Variable Cost, ATC as Average Total Cost, AFC as Average Fixed Cost, AVC as Aver


Question : The several evaluative criteria for evaluating revenue measure or system are: ? Yield ? Political expediency ? Ease of administration ? Consistency

Ordering inventory at a regular and set time interval

Complete a descriptive analysis of the following data elements in the Organizational Assessment Study dataset. Use appropriate graphical tools and descriptive statistics to charact

Q. Describe Exceptions to the realization principle? Exceptions to the realization principle: The following illustrations are instances when practical considerations may cause

Q. Show the examples of long-term assets? Property, plant, and equipment are assets with helpful lives of more than one year a company acquires them for use in the business r

what is the basic meaning of debit and credit