Categories
Finance

Classification of Accounts: Personal & Real & Nominal

An account is a list of business transactions falling under the same description for a given period of time. A systematic and summarized record of business transactions with respect to person, property, loss, gain, income, expense is known as account. An account is generally prepared for one complete year. The word Account in abbreviation, can […]

Categories
Finance

Three Golden Rules of Accounting with Examples

In commerce and finance section creating or passing journal entries requires some rules, those rules are named as three golden rules of accounting standards and Accounting Golden Rules in short which is further divided into three kinds of accounts as Personal, Real, and Nominal accounts. Let’s see the rules for those different accounts from scratch […]