what is fundamentals of accounting ?
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Answer / vinotha.v
FUNDAMENRALS OF ACCOUNTING :
1.PERSONAL A/C,
2. NOMINAL A/C,
3. REAL A/C.
PERSONAL A/C :
DEBIT THE RECEIVER
CREDIT THE GIVER.
NOMINAL A/C:
DEBIT ALL EXPENDITURE
CREDIT ALL INCOMES.
REAL A/C:
WHAT COMES IN
WHAT GOES OUT.
SO VERY IMPORTANT POINT DEBIT AND CREDIT.
| Is This Answer Correct ? | 98 Yes | 12 No |
Answer / hemanth.n.s
Accounting system is based on the golden rule of debit and
credit in respect of various accounts such as personal
account, real account and nominal account.
| Is This Answer Correct ? | 53 Yes | 13 No |
Answer / vipin kumar rustagi
FUNDAMENRALS OF ACCOUNTING : VERY IMPORTANT IS DEBIT &
CREDIT.
THERE IS THREE TYPES
1.PERSONAL A/C, 2. NOMINAL A/C, 3. REAL A/C.
IN PERSONAL A/C :(DEBIT THE RECEIVER
CREDIT THE GIVER).
NOMINAL A/C: (DEBIT ALL EXPENDITURE
CREDIT ALL INCOMES).
REAL A/C:(WHAT COMES IN
WHAT GOES OUT).
FINALLY WE GOT THAT DEBIT & CREDIT IS MAIN FUNDAMENTAL OF
ACCOUNTING.
| Is This Answer Correct ? | 40 Yes | 8 No |
Answer / siva prasad.y
Fundamentals of 'Accounting' are Debit & Credit
| Is This Answer Correct ? | 56 Yes | 31 No |
Answer / rama devi
ACCOUNTING IS DEFINED AS "THE ART OF RECORDING. CLASSIFYING
AND SUMMARISING IN TERMS OF TRANSACTIONS AND EVENTS OF A
FINANCIAL CHARACTER AND INTERPRETING THE RESULTS THEREOF
| Is This Answer Correct ? | 30 Yes | 5 No |
Answer / vo jayakrishnan
ACCOUNTING IS DEFINED AS "THE ART OF RECORDING. CLASSIFYING
AND SUMMARISING IN TERMS OF TRANSACTIONS AND EVENTS OF A
FINANCIAL CHARACTER AND INTERPRETING THE RESULTS THEREOF"
| Is This Answer Correct ? | 29 Yes | 6 No |
Answer / sukirti
only cash transaction are recorded.
dual entry is done.
one year a/c's are prepared.
B/S is prepared once's in year end.
| Is This Answer Correct ? | 60 Yes | 38 No |
Answer / vinoth
This system is called double-entry because each transaction
is recorded in at least two accounts. Each transaction
results in at least one account being debited and at least
one account being credited, with the total debits of the
transaction equal to the total credits.
| Is This Answer Correct ? | 36 Yes | 14 No |
Answer / ajay srivastava
Fundamentals of accounting is to find out the change in position of assets and liabilities in a given time frame say one year period to ascertain the effects of business transactions. for this purpose we use a systematic method of keeping books of accounts which are prepared of generally accepted accounting principles.
| Is This Answer Correct ? | 16 Yes | 2 No |
Answer / n.sudhakar babu
Fundmentals of accounting systems is cash system or accural
system and Mercantile system
| Is This Answer Correct ? | 8 Yes | 2 No |
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