-
Fundamental of the Golden Rules of Accounting
Fundamental of the Golden Rules of Accounting The essential accounting principles are as follows- Futuristic Approach A firm is considered to exist in perpetuity. The only way to cease it once it has established itself is to split it. As a result, accountants make use of the concept of a going concern. This assumption suggests…
-
Golden Rules of Accounting
Golden Rules of Accounting 1) Rule One – “Debit what comes in – credit what goes out.” 2) Rule Two – “Credit the giver and Debit the Receiver.” 3) Rule Three – “Credit all income and debit all expenses.” These are three Accounting’s golden rules aid in the documentation of financial transactions in ledgers. These…
-
What is Accounting
Accounting, also known as accountancy, is the measurement, processing, and communication of financial and non financial information about small to big businesses and corporations. Accounting, which we also called the “language of business”, measures the results of an organization’s economic activities and conveys this information to a variety of users, like owner/investors, management, creditors, and…
