Golden rules of accounting
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Answer Posted / sameer
Golden Rules of Accounting
Personal Account Debit the Receiver
Credit the Giver
Real Account Debit What Comes In
Credit What Goes Out
Nominal Account Debit all Expenses and Losses
(Its related to incomes and expenditure (both Direct &
Indirect)) Credit all Incomes and Gains
| Is This Answer Correct ? | 18 Yes | 8 No |
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We have two mandatory qualifiers nature of accounts and balancing segment, which will balance the debit and credit and recognize the nature of accounts, my question is what other qualifiers do. Like management. Thank you.
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