Accounting Tutorial

Jun 2nd, 2015
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Northwestern State University of Louisiana
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(Q)What is a basic principle of the account? (Ans)There are three golden rules of account. * Real Account: - Debit what comes in Credit what goes out * Personal Account: - Debit the receiver Credit The giver * Nominal Account: - Debit all expenses and losses Credit all income and gain

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Accounting tutorial(Q)What is Account?(Ans) Account is a place where transactions are recorded in a systematic manner. (Q)What is a basic principle of the account? (Ans)There are three golden rules of account.* Real Account: - Debit what comes in Credit what goes out* Personal Account: - Debit the receiver Credit The giver* Nominal Account: - Debit all expenses and losses Credit all income and gainSo these are the basic rule or principle of account.These principles are done some work for e.g.:-Real A\C this account handles all the transaction of goods and cash. Shiv purchased goods of rupees 10,000 OR Sold goods for cash of rupees 9,000.Personal A\C:- This account handles all the transactions of persons. For e.g.:- Abdul Rehman Purchase goods from Abdul Rahim.Nominal A\C:- This account handle all the expenses and losses OR all the income and gain. There is great difference between the Expenses and Loss. For e.g.:- Mr.ABC purchase news paper for every day that his expenses. Loss means Mr.ABC was come from his office and suddenly his an accident, its called a loss. (Q)What is meant by incomplete accounting? (Ans)Single entry system is an incomplete form of account keeping.A system of book keeping in which only records of cash and personal accounts are maintained.(Q)What is Double entry system?(Ans)The double entry system of book keep

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