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Rules For Debiting And Crediting

Rules For Debiting And Crediting

| September 2, 2014 | 0 Comments

What are the rules for Debiting and Crediting? Explain in detail that when an asset may debiting, crediting in an account with example? Rules For Debiting And Crediting: Accounts of Assets. Accounts of Liabilities. Accounts of Owner or Owner’s Equity. Accounts of Expenses Accounts of Revenue 1. Rules For Debiting Or Crediting Accounts Of Assets: […]

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What Is An Account?

What Is An Account?

| September 2, 2014 | 0 Comments

Here you can learn about Account? What is an Account and what are the specimen of Account in the books and what are the methods for keeping Account? In business concerns, numerous transactions take place every day, For example, goods are sold to various customers every day, purchases are made from suppliers, cash is paid […]

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Explain Advantages And Disadvantages Of Double Entry System

Explain Advantages And Disadvantages Of Double Entry System

| September 1, 2014 | 0 Comments

What are the Advantages and Disadvantages of Double Entry System? Explain in detail the main Merits and Demerits of Double Entry System?   Advantages: Double entry system is acknowledged as the best method of accounting in the modern world. The following advantages are derived from it. 1. Under this system both the aspects of each […]

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Double Entry System

Double Entry System

| August 28, 2014 | 0 Comments

Every business transaction causes at least two changes in the financial position of a business concern at the same time-hence, both the changes must be recorded in the books of account. Otherwise, the books of accounts will remain incomplete and the result ascertained therefore will be inaccurate. For example, we buy machinery for Rs. 70, […]

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The Accounting Equation

The Accounting Equation

| August 27, 2014 | 0 Comments

The three basic elements of accounting are assets, liabilities and owners’ equity (capital). The assets represent the things of value that a business owns. The liabilities are the claims of the creditors against those assets. The owners equity (capital) is the claim of the owner against those assets. Whatever us not claimed by the creditors […]

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