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Golden Rules Of Accounting

Looking at the nature of all the accounts, the accounting rules have been devised. For each account there is a set of Golden Rules and hence there are three Golden Rules of Accounting. The Golden rules define the treatment of all transactions conducted by the business.

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What you will learn

  • Golden rules of Accounting are the basis of recording all day to day financial business transaction

Requirements

  • Pen, paper & Laptop with Good internet connectivity.

Description

To understand the Golden Rules of Accounting we must first understand the types of accounts. The account classification applies to all the types of general ledgers. In other words, every account will fall in one of the broad classifications given below.

There are three types of accounts:

  • Real Account
  • Personal Account
  • Nominal Account

Real Account is a general ledger account relating to Assets and Liabilities other than people accounts. These are accounts that don’t close at year-end and are carried forward. An example of a Real Account is a Bank Account.

Personal account is a General ledger account connected to all persons like individuals, firms and associations. An example of a Personal Account is a Creditor Account.

Nominal account is a General ledger account pertaining to all income, expenses, losses and gains. An example of a Nominal Account is an Interest Account.

Course Content

Golden rules of Accounting

With the help of the following points, we had explained the Three Golden Rules of accounting. : –

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About the Instructor

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About the Instructor

MBA Finance | Technical & Fundamental ResearchAnalyst | Stock Market and Mutual Fund Advisor

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