Free Essay

Guide

In:

Submitted By rohitlotli
Words 290
Pages 2
GOLDEN RULES OF ACCOUNTING

REAL ACCOUNTS | DEBIT WHAT COMES IN
CREDIT WHAT GOES OUT | PERSONAL ACCOUNTS | DEBIT THE RECEIVER
CREDIT THE GIVER | NOMINAL ACCOUNTS | DEBIT ALL EXPENSES AND LOSSES
CREDIT ALL INCOMES AND REVENUES |
The Golden Rules of Accounting 1. Debit The Receiver, Credit The Giver (PERSONAL ACCOUNTS)
This principle is used in the case of personal accounts. When a person gives something to the organization, it becomes an inflow and therefore the person must be credit in the books of accounts. The converse of this is also true, which is why the receiver needs to be debited. 2. Debit What Comes In, Credit What Goes Out (REAL ACCOUNTS)
This principle is applied in case of real accounts. Real accounts involve machinery, land and building etc. They have a debit balance by default. Thus when you debit what comes in, you are adding to the existing account balance. This is exactly what needs to be done. Similarly when you credit what goes out, you are reducing the account balance when a tangible asset goes out of the organization. 3. Debit All Expenses And Losses, Credit All Incomes And Gains (NOMINAL ACCOUNTS)
This rule is applied when the account in question is a nominal account. The capital of the company is a liability. Therefore it has a default credit balance. When you credit all incomes and gains, you increase the capital and by debiting expenses and losses, you decrease the capital. This is exactly what needs to be done for the system to stay in balance.
The golden rules of accounting allow anyone to be a bookkeeper. They only need to understand the types of accounts and then diligently apply the rules.

http://www.b-u.ac.in/sde_book/bbm_account.pdf

Similar Documents

Free Essay

Tour Guide

...I’ve naturally done some research into your organisation so as to ensure that I fully understand what kind of organisation I would be working for. I read on your website that your sales levels have grown at an average of 25% year on year for the past five years and that you are now working on your expansion into the United States. You’re clearly a very progressive organisation and that’s exactly what I’m looking for. I want to work for an organisation which doesn’t stand still, which is expanding and taking on new and interesting challenges. I’ve also read a lot of customer comments on various third party websites and the quality of your service is clearly very impressive. I would describe myself as a very determined and highly motivated person. I do take my job seriously but I’m able to see things in perspective and believe I’m quite easy-going to work with. I’m an optimist rather than a pessimist – but I’m also a realist and I cope well when the going gets tough; I’m very good at finding solutions to problems. Above all, I would say I’m a positive and enthusiastic person – and I relish a challenge. Volunteering gives you a chance to get experience in a field you’d like to work in. It can influence your career choices. Gain a different outlook to life and broaden your perspectives Volunteering gives you the chance to meet people both you would not normally come across. You experience diversity and integrate with the community whilst making friends with like-minded people...

Words: 1261 - Pages: 6

Premium Essay

Writing Guide

...Axia College First-Year Sequence Short Form Writing Style Handbook 2009 © 2009, 2007 University of Phoenix. ALL RIGHTS RESERVED. The text of this publication, or any part thereof, may not be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, storage in an information retrieval system, or otherwise, without prior permission of University of Phoenix. Edited in accordance with The Apollo Group editorial standards and practices. Introduction This short form writing style guide has been specially created for the First-Year Sequence of courses at Axia College. It is based on the more complete Axia College’s Writing Style Handbook that you will rely on and be held accountable for in your courses after your first year at Axia College. The purpose of this guide is to provide the basic rules necessary for writing papers that are consistent in style, formatting, and respect the intellectual property rights of experts whose material you refer to in your formal papers. If you have any questions about what these rules mean or how to use them, always check with your instructor. Font Styles • All text must be written in the same font. • Use Times New Roman, Arial, or Courier, 12-point size. • Use italics sparingly for emphasis; do not use bold, underlining, or all capital letters. Margins • Use 1-inch margins on all sides of each page. • Justify the left side of the page, but leave the...

Words: 1286 - Pages: 6

Premium Essay

Citation Guide

...Citation Guide 2 0 1 1 – 1 2 A CA DE M IC YEA R Copyright © 2002–2011 by the President and Fellows of Harvard College. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means without permission of the Harvard Business School. Harvard Business School must reserve the right to make changes at any time affecting policies, fees, curricula, courses, degrees, and programs offered (including the modification or possible elimination of degrees and programs); rules pertaining to conduct or discipline; or any other matters cited in this publication. While every effort has been made to ensure that this publication is accurate and up to date, it may include typographical or other errors. If you have any comments about this guide, please contact rreiser@hbs.edu or infoservices@hbs.edu. Printed November 2011. Table of Contents Citation Conventions About This Guide.............................................................................................................................................. 5 Purpose of Citations .......................................................................................................................................... 5 What to Cite ...................................................................................................................................................... 5 Types of Citations: Footnotes, Source Lines, and Bibliographies .........

Words: 8650 - Pages: 35

Free Essay

Apa Format Guide

...APA FORMATTING AND STYLE GUIDE by University of Malaya Library (UML) Title General Rules Content Single Author Two Authors Three to Six Authors More Than Six Authors Author - Malay Names (without family names) Author - Chinese Names Author - Chinese Names with English Names Author - Indian & Sikh Names (without family names) Inherited Names Conferred titles Local Government Institution as Author Foreign Government Institution as Author Unique Corporate Body Names Organization as Author Conference Names with Numbers Unknown Author Page 1-2 Reference List : Book Basic Format for Books Edited Book, No Author Edited Book with an Author or Authors A Translation Edition Other Than the First Article or Chapter in an Edited Book Multivolume Work Reference List : Articles in Periodicals Basic Form Article in Journal Paginated by Volume Article in Journal Paginated by Issue Article in a Magazine Article in a Newspaper Letter to the Editor Review Reference List : Other Print Sources An Entry in an Encyclopedia Work Discussed in a Secondary Source Dissertation Abstract Government Document Report from a Private Organization Conference Proceedings Published Conference Paper Unpublished Conference Paper Academic Exercise / Thesis (Unpublished) 3 4 5-6 i Title Content Page 7-8 Reference List : Electronic Sources Article From an Online Periodical Online Scholarly Journal Article Online Scholarly Journal Article with Printed Version Available Article...

Words: 3418 - Pages: 14

Premium Essay

Mla Works Cited Guide (Teacher)

...MLA Works Cited Page: Basic Format MLA (Modern Language Association) style is most commonly used to write papers and cite sources within the liberal arts and humanities. This resource, updated to reflect the MLA Handbook for Writers of Research Papers (7th ed.) and the MLA Style Manual and Guide to Scholarly Publishing (3rd ed.), offers examples for the general format of MLA research papers, in-text citations, endnotes/footnotes, and the Works Cited page. According to MLA style, you must have a Works Cited page at the end of your research paper. All entries in the Works Cited page must correspond to the works cited in your main text. Basic Rules • Begin your Works Cited page on a separate page at the end of your research paper. It should have the same one-inch margins and last name, page number header as the rest of your paper. • Label the page Works Cited (do not italicize the words Works Cited or put them in quotation marks) and center the words Works Cited at the top of the page. • Double space all citations, but do not skip spaces between entries. • Indent the second and subsequent lines of citations five spaces so that you create a hanging indent. • List page numbers of sources efficiently, when needed. If you refer to a journal article that appeared on pages 225 through 250, list the page numbers on your Works Cited page as 225-50. Additional Basic Rules New to MLA 2009 • For every entry, you must determine...

Words: 4806 - Pages: 20

Premium Essay

Comparing The Book 'The Hitchhiker's Guide To The Galaxy'

...Arthur goes on a journey, quite unwillingly, in the Heart of Gold to explore the universe and to get the big picture of things out in the galaxy. Along the way, he is challenged by all sorts of obstacles, ranging from depression (resulting from Earth being blown up) to imminent death due to either the Vogons, the missiles, the cops, or the mice. These challenges eventually helped him build himself up again, deem his viewpoint on Earth as something very limited, and finally accept the reality of the universe-- the realization that Earth was an artificial planet, a mere computer to find the question that had the Answer ‘42’. Along the way, he is guided by two alien friends (Zaphod and Ford), the brilliantly constructed book The Hitchhiker’s Guide to the Galaxy, depressed robot Marvin, chirpy computer Eddie, Slartibartfast the Magrathean who created Norway, and...

Words: 913 - Pages: 4

Free Essay

Zombie Survival Guide Book Report

...Zombie Survival Guide The Zombie Survival Guide is a very excellent book. People think its only about zombies but that is wrong, it can also teach you life saving skills. Like if you had to live on your own in the woods this tells you how to start fires, how not to be seen. How to prepare, what to have, and what not to have. Teaches you how to make supplies, warning signs of situations, and what to avoid. The conflict of the story is that a zombie apocalypse breaks out, and this book helps you to survive. And this book is a list of do’s and don’ts. Everyone needs to know how to preserve, prepare, and execute; whether it’s zombies, dogs, or people. No one knows what can happen so saing there is no such thing and I don’t need to prepare are vital life changing mistakes. What happens if you wreck your car in the middle of nowhere and you have no knowledge of what to do? People say oh your smart you’ll be fine, but that’s because they think oh it won’t happen to me or I think I know everything I need to. But that’s where ignorance has gotten to people’s brains. Just because I’ve camped in my back yard and lived means I can do it in the middle of nowhere and chances are those people are going to die. Now compare that person to me if I had the book. Who do you think would live longer? The person that survived a child attack for the last smore at a bonfire, or the guy with the book of how to survive in the wild during a time of devastation and anarchy? I’ll leave it to you to decide...

Words: 960 - Pages: 4

Premium Essay

How Is Satire Used In Hitchhiker's Guide To The Galaxy

...Satire is a form of comedy, that's a fact. It can be used just for the laughs or it can be used as a way to shed light on a serious topic. In Hitchhikers Guide to the Galaxy, by Douglas Adams, satire is used for comedic effect and laughter. The Vogons with their extensive amount of paperwork and extremely bureaucratic nonsense, Zaphod Beeblebrox shedding light on the stupidity of politicians, and human reliance on machines. All of these ideas are meant to make fun of our society. On the other hand, Jonathan Swift's piece "A Modest Proposal" uses satire to correct a situation. He proposes that the children of poorer families be used as a food source during the potato famine. Both writings use satire in one form or another, but Adams uses satire as a form of entertainment, while Swift uses it to correct a societal ill. One of the main uses of satire in A Hitchhiker's Guide to the Galaxy is the inefficiency of bureaucracy. He displays this idea in the form of the...

Words: 1218 - Pages: 5

Free Essay

Lallala

...Mohammed Rafi 1 Mohammed Rafi Mohammad Rafi Background information Born Origin 24 December 1924 Kotla Sultan Singh, Punjab, British India Indian Died 31 July 1980 (aged 55) Mumbai, Maharashtra, India Genres Indian classical, ghazal, playback singing Occupations Hindi and Punjabi playback singer Instruments Vocalist Years active 1944–1980 Mohammad Rafi (Urdu: ‫ ,عیفر دمحم‬Hindi: मोहम्मद रफ़ी; 24 December 1924 – 31 July 1980), was an Indian playback singer whose career spanned four decades.[1] He won a National Award and 6 Filmfare Awards. In 1967, he was honoured with the Padma Shri by the Government of India.[2] In a career spanning about 40 years, Rafi sang over 26,000 film songs.[3] His songs ranged from classical numbers to patriotic songs, sad lamentations to highly romantic numbers, qawwalis to ghazals and bhajans, and from slow melancholic tunes to fast and melodious fun filled songs. He had a strong command of Hindi and Urdu and a powerful range that could accommodate this variety.[4] He sang in many Indian languages including Hindi, Konkani, Urdu, Bhojpuri, Oriya, Punjabi, Bengali, Marathi, Sindhi, Kannada, Gujarati, Telugu, Maghi, Maithili and Assamese. He also recorded a few English, Persian, Spanish and Dutch songs. An article in Times of India, published on 24 July 2010 sums up his voice as, "If there are 101 ways of saying "I love you" in a song, Mohammed Rafi knew them all. The awkwardness of puppy love, the friskiness of teen romance, the philosophy of...

Words: 6669 - Pages: 27

Free Essay

It Guide

...[pic] Step-by-Step Guide to Getting Started with Hyper-V Microsoft Corporation Published: December 2007 Author: Kathy Davies Editor: Ron Loi Abstract This guide helps you become familiar with Hyper-V™ by providing instructions on installing this new technology and creating a virtual machine. [pic] Copyright Information This document supports a preliminary release of a software product that may be changed substantially prior to final commercial release, and is the confidential and proprietary information of Microsoft Corporation. It is disclosed pursuant to a non-disclosure agreement between the recipient and Microsoft. This document is provided for informational purposes only and Microsoft makes no warranties, either express or implied, in this document. Information in this document, including URL and other Internet Web site references, is subject to change without notice. The entire risk of the use or the results from the use of this document remains with the user. Unless otherwise noted, the example companies, organizations, products, domain names, e-mail addresses, logos, people, places, and events depicted herein are fictitious, and no association with any real company, organization, product, domain name, e-mail address, logo, person, place, or event is intended or should be inferred. Complying with all applicable copyright laws is the responsibility of the user. Without limiting the rights under copyright, no part of this document...

Words: 1544 - Pages: 7

Premium Essay

Guide

...Presentation SLIDE 2 “Background” -DR. Cabot was the first who introduced social services into the Massachusetts General Hospital in Boston 1905. Social workers provide not only direct casework with patients and their families but also group work with certain patients, consultation, and training of other professionals. They also are involved in planning and policy development within the hospital and with various health agencies. -A medical social worker frequently obtains important information on the living conditions, environment, habits, personality and income of patients. Through interviews with the patient and members of his or her family, the worker gains an idea on the social and emotional components of the illness and how these components affect treatment. SLIDE 3 “Interviewee” SLIDE 4 “The Work” -TARGET: During the months of October and March, there is a large influx of “snow birds” admitted. -CLIENTS NEEDS: Information is also obtained from previous admission notes and chart. The patient’s history and physical , tox screen, and  physical therapy, occupational therapy and speech therapy evaluations also assist the social worker in assessing needs. -TREATMENT: The patients and families are also active in discharge and treatment plans. Weekly meetings are held with all social workers in the Case Management department to discuss difficult cases. “GIVE EXAMPLE ABOUT WEEKLY MEETINGS” Physical Therapy to determine discharge SNF VS ALF HOME WITH...

Words: 566 - Pages: 3

Premium Essay

Guide

...Learning and Information Services Guide to Proofreading What is Proofreading? Proofreading involves checking the content and appearance of your written work: looking for errors in typing, spelling and grammar, and ensuring that it is presented in a style that meets the requirements of a module or course. Proofreading is a skill that requires time, but the more you practice the quicker and easier it will become to spot any corrections that need to be made. Why is Proofreading important? Proofreading is an essential final stage of the essay writing process which should not be overlooked as a poorly presented piece of work can lose marks. After the effort of finding information and writing the essay, don’t lose marks by submitting a work spoiled by spelling and grammatical errors, or that does not adhere to your module’s requirements. A well-presented essay indicates to your tutor that you care about your work. Areas to check: Proofreading can be time-consuming and it is easy to underestimate the time required. It is a good idea to build in time for proofreading into your assignment plan. It is especially important that you follow any module requirements regarding referencing, line spacing, paragraph indentation, and margins, and that these are observed consistently and continuously. Checklist: Grammar | | check | spelling | Don’t rely on the spellchecker in Word - this won’t pick up “typos” as from/form or been/bean. Use a dictionary to check spellings...

Words: 782 - Pages: 4

Premium Essay

Guide

...Solutions Guide: 1. We focus on free cash flows rather than accounting profits because these are the flows that the firm receives and can reinvest. Only by examining cash flows are we able to correctly analyze the timing of the benefit or cost. Also, we are only interested in these cash flows on an after tax basis as only those flows are available to the shareholder. In addition, it is only the incremental cash flows that interest us, because, looking at the project from the point of the company as a whole, the incremental cash flows are the marginal benefits from the project and, as such, are the increased value to the firm from accepting the project. 2. Although depreciation is not a cash flow item, it does affect the level of the differential cash flows over the project's life because of its effect on taxes. Depreciation is an expense item and, the more depreciation incurred, the larger are expenses. Thus, accounting profits become lower and in turn, so do taxes which are a cash flow item. 3. When evaluating a capital budgeting proposal, sunk costs are ignored. We are interested in only the incremental after-tax cash flows, or free cash flows, to the company as a whole. Regardless of the decision made on the investment at hand, the sunk costs will have already occurred, which means these are not incremental cash flows. Hence, they are irrelevant. Solution to Integrative Problem, parts 4, 5, & 6. Section I. Calculate the change in EBIT, Taxes, and Depreciation...

Words: 1377 - Pages: 6

Premium Essay

Guide

...STUDY GUIDE FINAL EXAM MKTG 2080 Review- Marketing Mix External (Macro/Micro) Environmental Forces Consumer Decision Process (need/search/alt. eval/purchase/post-purchase) Product- Product Lines (Width/Length) Types of Products (convenience/shopping/specialty) PLC Stages-intro/growth/mature/decline Price- Price/Quality Relationship New Material Chapter 10-Marketing Channels- Distribution/Channels/Place/Supply Chain Management (production to consumer) How channel members add value Types of Distribution Channels Multichannel/Disintermediation Vertical Integration Corporate-ex Sherwin Williams Contractual Integration-franchise Administered-Wal-Mart # of intermediaries (intensity of distribution)-intensive/selective/exclusive Logistics -Types of transportation (air, rail, truck, pipeline, water, internet, intermodal) Chapter 11 Retail-Types of Retailers Product-line based (specialty stores, department stores, c-store, supermarket, superstore, category killer) Relative-Price based (discount, off-price retailers, factory outlets, warehouse clubs) Atmospherics (five senses) Retail convergence, non-store retailing (internet, catalog, kiosks, HSN), pop-up stores Chapter 12-Promotion-how a company communicates about product offerings IMC- (adv, P.R., personal selling, sales promotions) Push/Pull strategy Advertising-Objectives (inform/remind/persuade) Budget (affordable/% of sale/competitive parity/objective-task) Execution Style...

Words: 307 - Pages: 2

Free Essay

Guide

...Guide to benchmark reports 2010 Survey of women’s experiences of maternity services Benchmark reports are produced for most NHS national surveys to show how the survey results for each trust participating in a particular survey compares with the results from all other trusts. This guide is divided into six sections: Section one: provides information specific to the 2010 maternity survey Section two: describes the benchmark reports Section three: describes how to use the benchmark reports and the limitations of the data Section four: describes how to understand the data Section five: provides guidance on using the benchmark reports to make comparisons between trusts Section six: describes how the data in the benchmark reports is calculated 1.) The 2010 survey of women’s experiences of maternity services Over 25,000 women from 144 trusts in England responded to the survey between April 2010 and August 2010, a response rate of 52%. Women were eligible for the survey if they had a live birth in February 2010 and were aged 16 or older. Women who gave birth in a hospital, birth centre, or maternity unit, or who had a home birth, were eligible. A similar survey of women using maternity services was carried out in 2007. The results of the survey are primarily intended to be used by NHS trusts to help them identify areas where they need to improve performance and to note where they have performed well. For this reason we have produced the benchmark reports...

Words: 3024 - Pages: 13