Question { Patni, 39115 }

what are the golden rule of accounting.

Answer

Three are two golden rules in accountings
1.Personal account
2.impersonal Account
impersonal account again two rules
1 real account
2.nominal account
personal account means:

Debit the receiver, credit the giver
Real account means:

Debit what comes in., Credit what goes out
Nominal account means:
Debit all expenses and losses,credit all incomes and
gains

Question { IBM, 20764 }

What is intra Company transactions? With an example

Answer

intra company transaction means transactions occured the two
companies with in the same group that means one company
purchased and another company sales with in the group only
that is the intra company transaction

for exp

a@b group
in this a company purchase meterial and b company sales the
meterial

Question { Deloitte, 5580 }

what is the retainned earnings account? why are you take
for the x?

Answer

Retained earning is nothing but a accounting profit that
means previous year profit plus current year profit

Question { 8298 }

why do u prepare trial balance

Answer

To prepare the arthematical accuracy of accounts of books

Question { 17811 }

how many types of accounts in accounting language?

Answer

THERE ARE TWO TYPES OF ACCOUNTS ARE THERE

1. PERSONAL ACCOUNTS
2. IMPERSONAL ACCOUNTS
IMPRESONAL ACCOUNTS AGAIN TWO TYPES

1. REAL ACCOUNTS
2. NOMINAL ACCOUNTS

Question { 10686 }

explain purchase cycle?

Answer

When ever you will will by a materiel first you will send
the requisition to different suppliers .After if supplieres
will satisfy your requisition, then only you get the the
quations form different suppliers.then you will analys the
quations and send to the purchase order to supplier, then
supplier will send the invoice and goods

Question { Wipro, 11541 }

what is revaluation of assets and liabilities?

Answer

Revaluation of sasets is nothing but revalue the particular
asset . The difference between the purchase time and paymet
time. the difference amount will be transfer to realized
gain or loss A/c

Revaluation of Liabilities is nothing but revalue the
pariticular liability.

Question { 41494 }

Explain "debit what comes in credit what goes out"

Answer

This is the one of the Accounting rull of Golden rules of
Accouting

Real Account is nothing but " Debit what comes in Credit
what goes Out.

For exp: Land purchased

Entry: Land A/c Dr
To Cash A/c Cr
in this exp debit comes in means Land will come our company
Credit what goes out means Cash will go out of the company