Which of the following given statements are CORRECT?
All are correct
The correct answer is option 4. All the statements are correct. When there is an increase in revenue/gain, it is credited. When there is an increase in capital, it is credited. Similarly, an increase in expenses is debited and an increase in liabilities is credited. These accounting rules are generally followed in double-entry accounting.
Important Questions from Basic accounting principles
______ is the cost of use of things or services for the purpose of generating revenue.
______ states that accounting report must belong to a common period and use common unit of measurement and format of reporting.
Which of the following accounting concept eliminates personal biasedness and helps in achieving results that are comparable?
Which of the following statements are FALSE?
Which of the following statements is TRUE?
