ACCOUNTANCY- 3 GOLDEN RULES PERSONAL AC DEBIT the RECEIVER CREDIT the GIVER REAL AC DEBIT what COMES IN CREDIT what GOES OUT NOMINAL AC DEBIT all EXPENSES AND LOSSES CREDIT all INCOME AND GAINS
A while ago, we studied Financial Statements. The definition of Financial Statements is reproduced here: “Financial Statements” is a summary report that shows how a Business has used the...
According to the Accrual Assumption, a transaction is recorded in the books of account at the time when it is entered into and not when the settlement takes place. For Example, if goods are sold...
A fiscal deficit occurs when a government's total expenditures exceed the revenue that it generates, excluding money from borrowings. Deficit differs from debt, which is an accumulation of yearly deficits. A...