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What are the 3 Basic Rules in Accounting.
Question Submitted By :: Rajesh
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Re: What are the 3 Basic Rules in Accounting.
Answer
# 26
1.total asset = total of liability(including owners equity)
2. total of liability = total of asset-owners equity
3. total owners equity= total of assets - total of
liabilities.
Is This Answer Correct ? 23 Yes 3 No
1
Sajidthurki
Re: What are the 3 Basic Rules in Accounting.
Answer
# 27
Basic Rule of accounting also called the three golden rule
of accounting.these are followings-
1.Personal Account: means related to individual
Debit the Receiver
Credit the Giver
2. Real Account:means that we can see or touch
Debit What comes in
Credit What goes out
3.Nominal Account: which we can not see or touch
Debit all expenses and losses
Credit all incomes and gains
Is This Answer Correct ? 34 Yes 3 No
0
Nitesh
Re: What are the 3 Basic Rules in Accounting.
Answer
# 28
1.Personal A/c:
1.Debit the receiver
2.Credit the giver.
2.Real A/c:
1.Debit what comes in
2.Credit what goes out.
3.Norminal A/c:
1.Debit all expenses and loss
2.Credit all incomes and gains.
Is This Answer Correct ? 26 Yes 1 No
0
N.kalavathi
Re: What are the 3 Basic Rules in Accounting.
Answer
# 29
personal a/c: D.R the receiver
c.r the giver
Real a/c : d.r what comes in
c.r what goes out
nominal a/c : d.r all expenses&losses
c.r all incomes & gains.
Is This Answer Correct ? 22 Yes 0 No
0
M.neeraja
Re: What are the 3 Basic Rules in Accounting.
Answer
# 30
Personal A/c
Debit;Receiver of the benefit,
Credit;Giver of the benefit,
Real A/c
Debit;All asset comes in,
Credit;All asset goes out,
Nominal A/c
Debit;All expenses & Loses
Credit;All profit & gains
Is This Answer Correct ? 19 Yes 1 No
0
Devraj
Re: What are the 3 Basic Rules in Accounting.
Answer
# 31
#1 Personal A/C
Debit the receiver
Credit the giver
#2 Real A/C
Debit what comes in
Credit what goes out
#3 Nominal A/c
Debit all the Exp. & losses
Credit all the income & gains
Is This Answer Correct ? 16 Yes 1 No
0
Rakesh
Re: What are the 3 Basic Rules in Accounting.
Answer
# 32
threebasic rules are also known as golden rules of
accounting . we have three types of accounts ie
Personal accounts(natural, artificial,representative)
Rule
Debit the receiver
Credit the giver
Real account(tangible,intangible)
Rule
Debit what comes in
Credit what goes out
Nomial account(which is not included in above a/c)
Rule
Debit all expenses and losses
Credit all incomes and gains
Is This Answer Correct ? 16 Yes 2 No
5
Priya
Re: What are the 3 Basic Rules in Accounting.
Answer
# 33
1-personal a/c
dedit what comes in
credit what goes out
2-real a/c
debit the receiver
credit the giver
3-nominal a/c
debit all expenses and losses
credit all incomes and gains
Is This Answer Correct ? 16 Yes 6 No
0
Shree
Re: What are the 3 Basic Rules in Accounting.
Answer
# 34
1. Debit to receiver
Credit to giver
2. Debit what comes in
Credit what goes out
3. Debit All Exp /Loss
Credit Income/Gain
Is This Answer Correct ? 18 Yes 2 No
0
Prakash
Re: What are the 3 Basic Rules in Accounting.
Answer
# 35
1 debit the reciver
credit the giver
2 debit what comes in
credit what gose out
3 debit all the expenses and losses
credit all the income and gains
Is This Answer Correct ? 17 Yes 2 No
0
Sukhbir
Re: What are the 3 Basic Rules in Accounting.
Answer
# 36
Nomial accounted :
Debit : All expenses& lossss
credit : All Incomes & gain
Real accounted:-
Debit : What comes in
Credit : What goes out
Personal accounted :-
Debit the receiver
Credit the giver
Is This Answer Correct ? 16 Yes 1 No
0
Shekar
Re: What are the 3 Basic Rules in Accounting.
Answer
# 37
Real Account:
Debit what comes in
Credit what goes out
Personal Account:
Debit the reciever
Credit the giver
Nominal Account:
Debit all expenses and losses
Credit all incomes and gains
Is This Answer Correct ? 13 Yes 0 No
0
Md.humayun Kabir
Re: What are the 3 Basic Rules in Accounting.
Answer
# 38
1. debit the receiver and credit the giver
2. debit whats comes in credit whats goes out
3. debit all lossed and expenses credit all gains and
incomes.
Is This Answer Correct ? 15 Yes 0 No
0
Sajid Farooqi
Re: What are the 3 Basic Rules in Accounting.
Answer
# 39
The Answer is Rule 1:Real A/c {asset}
when one asset comes in it should debited
when one asset goes out it should credited
Rule 2:personal a/c i.e (individual a/c)
when one person or co.receives benefit it should debited
when one person or co.gives benefit it should be credited
3.nominal a/c
all the expenses&losses should be debited
all the incomes&gains should be credited
Is This Answer Correct ? 14 Yes 0 No
0
Dilip Surana
Re: What are the 3 Basic Rules in Accounting.
Answer
# 40
This is universal question of accontancy to be known by
every accountant.
PERSONAL ACCOUNT:IT DEAL WITH PERSON AND ANY THING.(TRADING
A/C)
DEBIT THE RECEIVER,..
CREDIT THE GIVER.
REAL ACCOUNT:IT DEALS WITH CASH,BANK,THINGS..etc(PROFIT AND
LOSS A/C)
DEBIT WHAT COMES IN,..
CREDIT WHAT GOES OUT
NOMINAL ACCOUNT:IT DEALS WITH EXPENSES, INCOME AND GAINS
FROM BUSSINESS.
DEBIT ALL EXPENSEN AND LOSSES,..
CREDIT ALL INCOMES AND GAINS.
Is This Answer Correct ? 10 Yes 0 No
0
Vemula Sai Kiran
Re: What are the 3 Basic Rules in Accounting.
Answer
# 41
personal
debit the receiver
credit the giver
nominal
debit all expenses and losses
credit all incomes and gains
real
debit what comes in
credit what goes out
Is This Answer Correct ? 8 Yes 0 No
0
Ramana
Re: What are the 3 Basic Rules in Accounting.
Answer
# 42
pesonal account
debit to the receiver
creadit to giver
real ac
debit whats come in
credit what goes
nominal ac
debit all expences & losses
creadi all income & gain
Is This Answer Correct ? 8 Yes 0 No
0
Desai Uttam M
Re: What are the 3 Basic Rules in Accounting.
Answer
# 43
Dr the receiver
Cr the giver
Dr what comes in
Cr what goes out
Dr all expenses/ losses
Cr all incomes/gains
Is This Answer Correct ? 8 Yes 0 No
0
Sameer Bhagwat
Re: What are the 3 Basic Rules in Accounting.
Answer
# 44
MAIN 3 IMPARTENT & SIMPLE THINGS
PRERSONAL A/C
Debit is reciver
credit is giver
REAL A/C
What come in cash,things ect.,is DEBIT
What goes out praofit & loss is CREDIT
NOMINAL A/C
All expenses and losses in DEBIT said
All income and gains in CREDIT said
Is This Answer Correct ? 6 Yes 0 No
0
Vinay
Re: What are the 3 Basic Rules in Accounting.
Answer
# 45
There 3 basic rules in Accounting 1.Real Account what comes
in Dr what goes out Cr 2.Personal Account The Reciver Dr
Giver Cr 3.Nominal Account All Expenses ...
Is This Answer Correct ? 7 Yes 0 No
0
G.dhanapal
Re: What are the 3 Basic Rules in Accounting.
Answer
# 46
There are 3 Rules in Accounting
They are: Real Accounts: Debit what comes in & Credit what
goes Out
Personal Accounts :Debit the Receiver
Credit the Giver
Nominal Acounts: Debit all the Expenses
Credit All the incomes
Is This Answer Correct ? 5 Yes 0 No
0
Smitha
Re: What are the 3 Basic Rules in Accounting.
Answer
# 47
There are two types of accounts
1. Personal Account
2. Impersonal Account
1.Personal Account
Dr, the receiver
cr, the Giver
2.Impersonal account can be devided in to two groups:
2.1.Nominal A/C,
2.2.Real A/C
2.1 Nominal Account
Dr. all exp. & losses
Cr. all Income & Gain
2.2.Real Account
Dr. what comes in
cr. What goes out
Is This Answer Correct ? 8 Yes 0 No
0
Anuj Shah
Re: What are the 3 Basic Rules in Accounting.
Answer
# 48
pesonal account
debit to the receiver
creadit to giver
real ac
debit whats come in
credit what goes
nominal ac
debit all expences & losses
creadi all income & gain
Is This Answer Correct ? 5 Yes 0 No
0
| Is This Answer Correct ? | 2 Yes | 0 No |
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