ACCOUNTANCY XI

Frequently Asked Questions on Introduction To Accounting

Who is the Father of Accounting ?

Luca Pacioli is regarded as the Father of Accounting. He published the first book on double-entry accounting in 1494.

What are the 3 golden rules of accounting ?

Three golden rules of accounting are

  1. Debit The Receiver, Credit The Giver
  2. Debit What Comes In, Credit What Goes Out.
  3. Debit All Expenses And Losses, Credit All Incomes And Gains.

What are the 5 types of accounts ?

Five types of accounts are

  1. Assets
  2. Liabilities
  3. Equity
  4. Revenue
  5. Expenses.

What is accounting and its purpose ?

The purpose of Accounting is to inform about the performance and financial condition of a business. This information is used to make business decisions.

Why is accounting useful ?

Accounting is very useful for recording financial transactions of a business that helps in informing the financial health of the business to shareholders. It also helps in determining which actions are profitable for the business and which are not.

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