Golden rules of accounts
What are the three best golden rules of accounts?
Expert
The three best golden rules of accounts are:-
a) Personal accounts-Debit the benefit receiver and credit the benefit giver.b) Real accounts-Debit what comes in and credit what goes out.c) Nominal Accounts-Debit all expenditures and losses and credit all the incomes and profits.
Describe briefly the term Bankers to the issue?
he following information is taken from the financial statements of an entity: 20x4 20x3 Property, plant and equipment $4,600,000 $4,200,000 Accumulated depreciation (1,800,000) (1,350,000) Depreciation expense 560,000 Gain on disposal of PPE 65,000 The asset disposed of had a cost
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Give a brief introduction of the term ‘Business Entity Concept’?
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