Answer Posted / mobi

Golden Rules of Accounts

Personal Account Real Account Nominal Account


1. Personal Account :-
Debit -receiver
Credit- giver
2. Real Account :- Debit – What comes in
Credit – What goes out
3. Nominal Account :-Debit – All expenses and losses
Credit – All Incomes and gains

What is the purpose of accounts like e.g. expense accounts assigned a account number 0040, principal account assigned anumber 0060.In our general ledger software such numbers are assigned.I want to know how these numbers (accounts) help in maintaing accounts of a company (like bank reconciliation).

1895

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As you know account executives need to be talented salespeople. Do you have experience making sales?

1025

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what is the difference between profit center area and business are.? please make me clear.

2478

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What is the limitaion of the Trial Balance?!

2157

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Account for letter of credit in the books?

1128

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What is accrual accounting?

1276

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Explain what is the disadvantage of double entry system?

1086

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Why did you select accounting as your profession?

1009

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a company recive 5 demand draft in different parties 2 DD sumittted to bank for collection and it's collected. what is the closing entry of other 3 DD in the company on that date?

1790

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Detail your responsibilities in accounts receivable

1155

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How use Budget in SAP, i want to see the report of variant between budget and actuals.

1844

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if at the end of the year cash book is showing debit balance whether it is meant that cash is not deposited after deducting expenses in bank and it is in hand and we should deposit in next year

1926

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What is recording damage inventory in books of account?

1056

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Who uses accounting?

1145

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Ours is a technology firm. We got a contract of 1 lac. It is payable at the end of the contract. How you will recognize revenue?

1903

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