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About the Class
As all business is based on accounting, all accounting is based on some basic principle of accounting. Firstly accounting is recorded with the help of two aspect debit and credit. All business transaction is divided in three group i.e. real, personal, and nominal. To understand accounting aspect and related group more clearly, we have some basic rule related to it. For real account, basic rule is "debit what comes in and credit what goes out". All assets purchase and and sold come under it. For personal account, basic rule is "debit the receiver and credit the giver". All Debtor, creditors etc. come under it. For nominal account, basic rule is " debit all expenses and losses and credit all income and gain." All expenses like salary, wages, rent paid etc. debited and all income like rent received, interest received etc. credited. This should be digested while doing accounting.
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Keywords: accounting, accountancy, principle of accounting, debit, credit, assets, receiver, giver, debtor, creditors, expenses, personal account, nominal account, income, salary, wages, rent, interest, losses, business transaction