Multiple Choice Questions on What comes in is to be debited what goes out is to be credited ........ for SEBI Grade A ( Officer) Exam Preparation

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Multiple Choice Questions

What comes in is to be debited what goes out is to be credited ........

Accountancy (Phase -I & II) Accounting cycles
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    What comes in is to be debited, what goes out is to be credited. 

    Rules of Personal

    Incorrect Answer

    Rules of Real

    Correct Answer

    Rules of Nominal

    Incorrect Answer

    All of these

    Incorrect Answer
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    Explanation:

    Real accounts are related to assets or properties. They are further classified as Tangible real account and Intangible real accounts.

    Real Account Rules

    • Debit what comes into the business.
    • Credit what goes out of business.

    For Example – Furniture purchased by an entity in cash. Debit furniture A/c  and credit cash A/c

    By: SWAPNIL AGGARWAL
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