can any one tell me about ''golden rules of accounting'' for journal entries.?

Question

i need it 4 my clear understanding of accountancy.Don't advice me to prefer books or any other facilities, I want direct answer and answer is short i know that.

Answer 1

The 3 golden rules of accounting are as follows
1:debit the reciver and credit the giver,
2:debit what comes in and credit what goes out and
3:debit all expense and loss and credit all income and gains.

I hope this helps...

Answer 2

The Golden rule is always
Assets =liabilities +Capital.
Then debit the receiver credit the giver.
For journals i think the most important rule will be the narration After the debit and credit entries there should always be a narration at the end explaining why the journal was passed.

Answer 3

The 3 golden rules of accounting are as follows
1:debit the reciver and credit the giver,- real accounts
2:debit what comes in and credit what goes out and- personal accounts
3:debit all expense and loss and credit all income and gains.- nominal accounts

Answer 4

Duncan Williamson: The Golden Rules of Double Entry Bookkeeping goldenrules.html
... Cost, Management and Financial Accounting Resource site that also includes ... The Golden Rules of Double Entry Bookkeeping. Introduction ...
http://www.duncanwil.co.uk/goldenrules.html

ITSUPERBOSS

DATA BASE MANAGEMENT – MY LOGICS



Definition: Simplification of traditional programming for Accounting, Administration, Establishment and Database. A/C + Admn. + Estt. = Data base

Categories:

a. Tech Data Base

For Developing Package

For Processing

b. Non-tech Data Base

Permanent

Non-permanent

a) Tech Data Base :

In developing packages many prog files are used for different purposes of processing. What kind of simplification is possible at this level. This in fact second stage of processing. First level of processing is ASCII codes, second level of processing is programmers’ logics in developing application package. Third level of processing is ASCII codes + programmers’ logics. Whenever a package is developed proper order is not maintained in different levels of commands, especially in a team work of package development, where different groups write program for different features of application software. While carrying out any command computer starts processing from different folders to relevant files attached to that command line. While suggesting any logic to computer to perform certain tasks, if basic logic is maintained by all programmers and co-ordinator, the becomes easy for the computer. This is very simple logic, which has never kept in mind and it is always left to the computer to search for files to process the command line in a zig-zag way. Lot of computer processing time and cost will be saved if this technical aspect of computer logic is simplified and maintained in developing all types of application software. This technical aspect is very important at every stage of programming and it will play very important role in wml and xml.

At present, infotech world is facing very tough competition and it is very important to find and adopt cost efficiency in every level of package development to improve the marketing potential with comfortable profit margin. These kind of technical simplifications will also be helpful in reducing the operational cost for different types of users. So far, we have been using advanced types of micro-processors to tackle all types of processing requirements which was escalating the over all cost by more than 25 %, which was again left to the users, although these solutions were readily available within the package itself. There is still lot of scope for applying many such logics as trade secrets in the infotech world, which will give cutting edge over the competitor.

b. Non-tech Database :

Database management which is currently discussed more specifically as database warehousing, is a biggest task once IT is adopted fully. With classification and simplification of data base, security of database and its maintenance will be completely simplified. From practical angle, the database classification can be broadly, permanent, temporary, sharing, periodic, periodicity, important, less important, minimised texts, minimised columns, fields, duplicity, multiplicity of data base; depending on utility and nature of work activity.

In a country like India, with so many agencies working at the State and the Central Govt. offices, Banks and many other private and public offices this kind of simplification and classification will reduce the cost of the management to the bare minimum and each and every agency will be benefitted including the end user as the cost of operation will be reduced drastically in every type of classification at multiple levels, ultimately it will make the job of security much easier by default, so that standard security measures can be adopted instead of additional security measures with additional cost. With this the maintenance cost can also be shared by multiple agencies.

The slip concept of programming for administration, establishment, accounting, elimination of text and minimised fields will reduce the data base to less than forty percent in day-today working of an office. Important text reference in accounting procedures may be referred to with specific purposes and its duplicity and multiplicity should be converted into standard text matters in every office with the use of code system in command line, which is generally defined in debits and credits of accounts in three golden rules of accounting.



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