Fundamentals Accounting Assumptions: An Overview
Financial Statements are prepared based on certain assumptions and three fundamental assumptions are: Going Concern, Consistency and Accrual.
Accounting
Types of Golden Rules of Accounting
Golden Rules of Accounting provides the basis to record all day to day financial business transactions in the Journal Book. Every entry in this book has a Double-Entry System. To understand the Golden rules of accounting, first, we have to know the types of accounts as per the golden rules of accounts because rules are applied to the transaction on the basis of the type of accounts included in the transaction.