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Things You must know about the 3 Golden Rules of Accounting

They say debit and credit is easy if you learn 3 golden rules of accounting. But the question is “Do accounting professionals agree with this?”. The answer is yes but up to a certain point. Debit and credits are the… Continue Reading

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What is Ledger Balance? Ledger Balance Vs Available Balance Explained

Ledger balance is balance at the start of the day. This is different from your available balance. Available balance is obtained when we adjust our ledger balance for subsequent activities. A ledger balance is calculated at the end of each… Continue Reading

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What is the Monetary Unit Assumption? Explanation with Examples

Monetary unit assumption has two parts. The first part says that the monetary unit is stable in the long run and does not lose it’s purchasing power. The second part of the assumption says that every transaction and event related… Continue Reading