Financial world is expanding rapidly. There are new companies forming, new mergers taking place, companies joining forces with other companies to form huge in corporations. And this expansion is taking place by the second. As the industry grows, so does the need for talented professionals who could handle the finances of such large incorporation. There are profits and losses, and expenses and investments that are taking place, and the sum of these is in millions of dollars at times.
We know that a company to stand firmly needs skilled professionals who could understand the transactions of such huge volume and deliver the accurate results on time. But for being a skilled professional, it is extremely important to gain an in-depth understanding of all that is present in accounting. And one such concept which needs detailed attention and understanding is rules of double entry. Since it is such a critical subject, there are services like homework help which provide you with Rules of Double Entry Homework Answers.
Over the time it has become increasingly necessary to keep track of every minor debit and credit that occurs in the company. And this is where the rules of double entry help us.
Let us first understand the Double Entry System of Accounting.
What is Double Entry System of Accounting?
In this system, an equal amount of money is always transferred from one account or a group of accounts to another account or group of accounts.
How do we Record the Transactions?
There are 2 columns.
- Debit- which is left column, and
- Credit- which is right column
When the money is transferred to an account, the entry is made in the debit column of the balance sheet. Whereas when the money is transferred from an account, the entry is made into the credit column.
In simpler terms, there are 2 aspects involved, debit and credit.
Debit: These including receiving or incoming aspects.
Credit: These include outgoing aspects.
What are Rules of Double Entry Homework Answers?
There are different rules for different type of accounts. Basically, the rules are made according to the different types of accounts. All the rules give us an idea about the debit and credit aspects of the accounts.
Below are few ways the rules work in case of different types of accounts.
Rules According to the Types of Accounts:
There are three types of account; Personal, Real and Nominal. These accounts are further classified into subtypes. But for the sake of simplification, we will just see the main account types and the respective rules of double entry homework answers.
- Personal: Credit (in this case it is the giver), Debit (in this case it is the receiver).
- Real: Credit (in this case what goes out), Debit (in this case what comes in).
- Nominal: Credit (in this case all incomes and gains), Debit (in this case all expenses or losses).
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