2. What is Accounting ?
Accounting is a set of works involving identifying, measuring, recording,
classifying, interpreting and communicating the results of business activities.
What you mean by Accountancy?
Accountancy is the theory and practices of accounting.
What is the account?
It is a phrase added to a specific entry in order to differentiate
them on basis of their nature.
3. GOLDEN RULES OF ACCONTING
Real A/c:
Debit: what comes in
Credit: what goes out
Personal A/c:
Debit: The receiver
Credit: The giver
