Multiple Choice Questions on The basic rule of bookkeeping debit the receiver and credit the giver ........ for UPSC EPFO Exam Preparation

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Multiple Choice Questions

The basic rule of bookkeeping debit the receiver and credit the giver ........

General Accounting Principles Introduction to Accounting
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    The basic rule of bookkeeping debit the receiver and credit the giver

    Personal accounts
     

    Correct Answer

    Real accounts

    Incorrect Answer

    Nominal accounts

    Incorrect Answer

    Valuation accounts

    Incorrect Answer
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    Explanation:

    Personal Account It deals with the accounts relating to persons and takes the following forms:

    (i) Natural Person: The name of an individual, the suppliers and buyers, say, Ram, Shyam, etc.

    (ii) Artificial Person or legal: Bank, the name of any Firm, Association, Club, etc. Notional Person or the Body.

    (iii) Representative Personal Account: Outstanding liabilities for Rent, Salary, etc.

    Rule for personal Account is: Debit - The Receiver ; Credit - The Giver

    By: SWAPNIL AGGARWAL
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