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Golden rules of accounting
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Answer Posted / sirajudeen t
GOLDEN RULES OF ACCOUNTING:
I. PERSONAL ACCOUNT:
i. DEBIT THE RECEIVER
ii. CREDIT THE GIVER
II. IMPERSONAL ACCOUNT
1.REAL ACCOUNT:
i. DEBIT WHAT COMES IN
ii. CREDIT WHAT GOES OUT
2. NOMINAL ACCOUNT:
i. DEBIT ALL EXPENSES AND LOSSES
ii. CREDIT ALL INCOMES AND GAINS
| Is This Answer Correct ? | 24 Yes | 5 No |
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