Accounting golden rules?

Answer Posted / akash

1.debit is the receiver & credit is the giver
2.debit what comes in & credit what goes out.
3.all expenses and losses are debit & all income and gains
are credit

Is This Answer Correct ?    3 Yes 0 No



Post New Answer       View All Answers


Please Help Members By Posting Answers For Below Questions

Who is the sundry creditors

1142


What are the columns of a journal?

680


What is absorption costing with defination? and what is marginal costin with defination?

2542


Tell us what is the abbreviation for the accounting terms debit and credit?

679


can any body tell me the procedure to learn accountancy with easy tips.i.e., layman accounting policy and rules of debit and credit.

1687






how to account branches in tally

1858


Tell me what is reversing journal entries?

583


What is an interlocking accounting system?

726


i WANT TO KNOW WHAT IS THE INTEREST RATE IF WE CAN NOT PAY THE DEPOSIT SALE TAX AMOUNT WITH IN PERIOD

1408


How the Depreciation will calculate in Company?

1710


What is computerized accounting?

644


Define social responsibility accounting

641


The Tabula Manufacturing Company has been in business for one month. At the end of month the company had the following accounts: Materials used K 5 000.00 Direct labour 10 000.00 Indirect labour 3 000.00 Indirect materials 2 000.00 Labour fringe benefits 1 000.00 Supervisor’s salary 1 000.00 Depreciation Machinery 2 000.00 Miscellaneous factory overhead 1 000.00 Heat and light 500.00 Insurance on plant 1 500.00 The company processed two jobs during the month with costs as follows: Job 101 Job 102 Materials cost K3 000.00 K2 000.00 Direct labour cost K6 000.00 K4 000.00 Direct labour hours 4 000.00 3 000.00 Machine hours 2 000.00 1 000.00 The company does not use a predetermined rate for factory overhead. The rate is computed at the end of each month. Required Use both the direct labour hours and machine hours to compute: 1) The overhead rates for the month (5 pts) 2) The overhead cost for each job (5pts) 3) The total cost for each job (10 pts) 4) Briefly describe the difference between Job order and process costing, citing relevant examples (5 pts).

1705


What is the use of form D in sale tax

1461


what is the primary of for-profit organisation

1375