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Basic accounts principles

Hema B.

27/11/2019 0 0

Debit the receiver

Credit the giver

Debit what comes in

Credit what goes out

Debit all expenses and losses

Credit all income and gains

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Other Lessons for You

Rules of Journalizing

Personal a/c : " Debit the receiver, Credit the giver." Real a/c : " Debit what comes in, Credit what goes out." Nominal a/c : " Debit all expenses & losses, Credit all incomes & gains."

Sadiya G.

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What is the importance of the computer in accounting?

Using computers in the place of manual labour eliminates the need to spend a lot of time on accounting or to employ many people to handle accounting procedures. For instance, due to the development of...

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Accruals Accounting

Accruals in Accounting are the expenses or revenues that have been recorded by the firm but not yet realised. In simple terms, they are the financial transactions already estimated in the current accounting...

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Financial Accounting

Accounting is the art of recording, classifying, summarising in a significant manner regarding money, transaction & events which are at least in part financial interpreting the result thereof. (AICPA...

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Preparation of Final Accounts From Incomplete Records or Single Entry System:

Preparation of Final Accounts From Incomplete Records or Single Entry System: There are two methods for the preparation of final accounts from single entry books/ incomplete records. Method 1: Under...

Gayatri D.

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