2007-02-26 00:05:01 · 4 answers · asked by rains 1 in Business & Finance ➔ Other - Business & Finance
There are six basics to understand:
Debit (Dr.) what comes in, Credit (Cr.) what goes out.
Dr. the receiver, Cr. the giver.
Dr. all losses, Cr. all gains.
2007-02-26 20:01:56 · answer #1 · answered by helpaneed 7 · 1⤊ 1⤋
basic concepts in accounting are as follows;
1. going concern concept - it means business shall continue for an indefinite period
2. accrual concept- transaction is recorded at time when it has taken place and not when settlement of cash takes place
3. business entity concept- it means business are separate from its owners
4. money measurement concept - money has a common denominator for all transactions.
5. accounting entity concept- life of an enterprise is divided into time intervals.
2007-02-26 02:11:16 · answer #2 · answered by deepak c 2 · 1⤊ 0⤋
Why is there consistently lots finger pointing? All i be attentive to is that our debt is at the instant at 70% of our GDP and in accordance to the Congressional funds workplace it's going to be at a hundred% in under a decade if we don't exchange something. unquestionably, who cares whose fault that's? we ought to suitable the deliver formerly we now no longer have one and no elected valid seems to be prepared to roll up their sleeves and paintings it out so why no longer merely do away with the best purchase of them?
2016-12-18 11:09:17 · answer #3 · answered by clumm 3 · 0⤊ 0⤋
Write before giving.
Credit all incomes, debit all expenses.
Always earn.
Selling price should be more than CP
Always try to increase G.T.O.
Pay all taxes.
2007-02-26 00:14:21 · answer #4 · answered by Anonymous · 1⤊ 1⤋