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What are the 3 Basic Rules in Accounting.
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Answer / irfan
Accounts are two types i.e..
1)Personal Account,
2)Impersonal Account.
1)Personal A/c:-
debit the receiver
credit the giver
2)Impersonal A/c:-
impersonal A/c further divided into two types i.e.
a)Real Account:-
what comes in debit
what goes out credit
b)Nominal Account:-
debit all expenses and losses
credit all incomes and gains
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / lalitha kumari
Personal Account
Real Account
Nominal Account
Personal Account:
Debit the receiver
Credit the giver
Real Account:
Debit what comes in
Credit What goes out
Nominal Account:
Debit all expenses and loses
Credit all incomes and gains
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / shivmohan mishra
1.personal account
debit the receiver
credit the giver
2.nominal account
all expenses and loses debit
all incomes and gains credit
3.real account
what comes in debit
what goes out credit
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / wampula felix
1 When capital increases it is credited
2 When liability increases it is credited
3 When asset increases it is debited
| Is This Answer Correct ? | 3 Yes | 1 No |
Answer / prakash
Personal A/c=dr the receiver
cr the giver
Real A/c= dr what come in
cr what goes out
Nominal A/c= dr all expensess or lossess
cr all incomes or gains
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / dhanalakshmi
1. personal accounts:
DEBIT The Receiver.
CREDIT THE Giver.
2. Real accounts :
DEBIT what comes In.
CREDIT what Goes OUT.
3. Nominal accounts :
DEBIT The All Expenses and Lossess.
credit The All Incomes and Goins .
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / arumugam.m
Basic 3 Accounting Rules:
1. PERSONAL ACCOUNT
Debit the receiver(Dr)
Credit the giver(Cr)
2. REAL ACCOUNT
What comes in debit(Dr)
What goes out credit(Cr)
3. NOMINAL ACCOUNT
All expenses and loses debit(Dr)
All incomes and gains credit(Cr)
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / steve
Informational reports must be:
1)Consistent
2) Timely
3) Significant
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / manoj kumar singh
personal A/C -Receiver is debit and giver is credit.
Nominal A/C -All expenses and losses are debit. All incomes and gains are credit.
Real A/C -What comes in debit and What goes out credit.
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / shanti timalsena
for personal account
debit to receiver
credit the giver
for real account
debit what comes in
credit what goes out
for nominal account
debit all exp/losses
credit income/gain
| Is This Answer Correct ? | 2 Yes | 0 No |
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19 Answers Adani, Adani Wilmar,
Why in a cash book receipts are debited while the same if received in our books recepits are credited. Why does cash book have a rule to debit receipts and credit payments. For example if am paying the cash that i owe the company or firm i debit in my books(cash) on the debit side and should credit in the cash book but i cant do that cash book take receipts on the debit side as per the general . please clarify many thanx in advance
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