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How to remember the principles of Accounting ?

+1 vote
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asked Oct 25, 2016 by Anil (480 points)
How can we remember the Accounting Principles ?
commented Oct 26, 2016 by Anil (480 points)
We know Types of  Account are

1. Personal Account

2. Real Account

3.Nominal Account

We can remember the principle of Accounting as follows

1. Personal - Doctor Right(DR) Debit the Receiver  - Captain Gomez (CG) Credit the Giver

2. Real - Door - In -DI ( Debit What Comes In) Come Out- CO (Credit What Goes Out)

3.Nominal - DEL (Debit All Expenses and Losses, We can remember the Brand DELL) CIG (Credit All Incomes and Gains - We can remember that it is not to DIG something, but to CIG.

1 Answer

0 votes
answered Oct 26, 2016 by Anil (480 points)
We know Types of  Account are

1. Personal Account

2. Real Account

3.Nominal Account

We can remember the principle of Accounting as follows

1. Personal - Doctor Right(DR) Debit the Receiver  - Captain Gomez (CG) Credit the Giver

2. Real - Door - In -DI ( Debit What Comes In) Come Out- CO (Credit What Goes Out)

3.Nominal - DEL (Debit All Expenses and Losses, We can remember the Brand DELL) CIG (Credit All Incomes and Gains - We can remember that it is not to DIG something, but to CIG.
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