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Answer Posted / santosh
Accountancy refers to a system of recording day to day
transaction in the books of Accountacy.Every book has
certain rules and regulations to be followed...
A) Personal Account:- Deals with persons,Institutions.
Debit :- The receiver.
Credit:- The Giver.
B) Real Account
Debit :- Debit What comes in.
Credit :- Credit what goes Out.
C) Nominal Account
Debit :- All expenses and Losses.
Credit:- All Incomes and Gains.
All the rules mentioned above are universally accepted
| Is This Answer Correct ? | 23 Yes | 2 No |
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