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What is the classification and rule of accounting in double entry system?

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Question ajoutée par Anka Babu Vinnakota , IFS Functional consultant , PROV international Inv
Date de publication: 2018/11/18
Abid Ali
par Abid Ali , Accountant , STC

Agreed with Specialists valuable comments regarding Classification and Rules of Accounting System for Double Entry Bookkeeping. 

Soliman Abd  ALmalak Gendy
par Soliman Abd ALmalak Gendy , مدير ادارة مراقبة حسابات , الجهاز المركزى للمحاسبات

The rule is that: -The accounting equal is a statement of equality between the debits and the credits. -The rule between theme depends on the nature of an account

Abdulrahman Alnaif
par Abdulrahman Alnaif , Financial Analyst , Millennium Dental Care

 

The Double Entry System in accounting and bookkeeping means that every business transaction will affect two accounts or more. For instance, if a company barrows money from a bank, the company’s liabilities in accounts payable will increase and its cash accounts will decrease. The double entry system has two equal corresponding sides known as credit and debit. The rule for a double entry system states that the total amount entered in the left side of a balance sheet (debit), must be equal to the total amount entered in the right side (Credit).

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