Give the answer of true and false
Solution
(a) True, it's a rule of personal account. According to the traditional classification of account .There are two accounts. Personal and impersonal account.
Debit the receiver and credit the giver is a rule of personal account. Account which are related to individual, firms, companies, debtors or creditors etc are personal account
(b) True
(a) True, it's a rule of personal account. According to the traditional classification of account .There are two accounts. Personal and impersonal account.
Debit the receiver and credit the giver is a rule of personal account. Account which are related to individual, firms, companies, debtors or creditors etc are personal account
(b) True
There are 5 account According to modern classification of account.
Asset account is one of them.Assets account are accounts of assets and properties for ex plant and machinery.
When assets is increased, it is debited in the asset account.
(C) True
Asset account is one of them.Assets account are accounts of assets and properties for ex plant and machinery.
When assets is increased, it is debited in the asset account.
(C) True
Revenue account is also a one of the account, according to modern classification of account.
When the revenue is decreased, it is recorded the debit side.
(D) False
When the revenue is decreased, it is recorded the debit side.
(D) False
Expense account is the one of the account, according to modern classification of account.when the expenses are decrease , it is credited not debited.
(e) True, there are two sides of an account. Debit refers to left side of an account.
(F) True , there are two sides if an account , credit refers to right hand side of an account.
(G) True, bank account is a personal account.
There are three categories of personal account.
1) natural personal account
2) artificial personal account
3) representative personal account
Artificial personal account includes account of corporate bodies or institutions. Bank is an artificial personal account.
(H) false, goodwill is a real account.
Because goodwill is an intangible assets. Real account are those accounts which relate to tangible or intangible assets
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(e) True, there are two sides of an account. Debit refers to left side of an account.
(F) True , there are two sides if an account , credit refers to right hand side of an account.
(G) True, bank account is a personal account.
There are three categories of personal account.
1) natural personal account
2) artificial personal account
3) representative personal account
Artificial personal account includes account of corporate bodies or institutions. Bank is an artificial personal account.
(H) false, goodwill is a real account.
Because goodwill is an intangible assets. Real account are those accounts which relate to tangible or intangible assets
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