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Accounting basic rules with example relevant to day to day
business
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Answer Posted / ameet narayankhedkar
Accounting is a language: A language that provides
information about the financial position of an organization.
There are three basic rules:
1.Personal 2. Real and 3. Nominal accounts.
1.Personal: Debit the receiver, credit the giver.
2. Real : Debit what comes in and Credit what goes out.
3. Nominal: Debit all expenses and losses and Credit all
incomes and gains.
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