Journal Entries Que and it answers .pptx

Jounral Entires

1. BUSINESS REGULATION IMPORTANCE QUESTION – SET 1 Prof Sreeja J Asst Professor

2. What is Accounting ? Accounting is a set of works involving identifying, measuring, recording, classifying, interpreting and communicating the results of business activities. What you mean by Accountancy? Accountancy is the theory and practices of accounting. What is the account? It is a phrase added to a specific entry in order to differentiate them on basis of their nature.

3. GOLDEN RULES OF ACCONTING Real A/c: Debit: what comes in Credit: what goes out Personal A/c: Debit: The receiver Credit: The giver

4. Nominal A/c: Debit: All expenses and loses Credit: All incomes and gains

5. Journal entry format CREDIT DATE PARTICULARS L/F DEBIT Jan 01 Debited Account Debited Account Debited Account -Credited Account -Credited Account -Credited Account XXX XXX XXX XXX XXX XXX