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Accounting has many rules like: Dr. must equal Cr. BS must balance with this formula: assets=liabs+shareholders...

Accounting has many rules like:

Dr. must equal Cr.

BS must balance with this formula: assets=liabs+shareholders equity

Dr. goes to the left while Cr. goes to the right in a JE

Dr. increases an asset balance while a Cr. decreases and asset balance

Why do we need to know all these rules? Can't we just look them up when we need them? What is the advantage of knowing the rules? (Hint: How many of you drive a car? What if you had to look up the rule about a stop light; what does red mean, what does green mean, when can I turn right at a stop light? Would driving be easy if you had to look up every rule every time?)

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Answer #1

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Solution: a) Why do we need to know all these rules? a) To get end-to-end knowledge about the accounting process b) To get expertise for analysing the situation Answer: b) Cant we just look them up when we need them? This nature of learning may mislead while you are stuck in a particular accounting situation, Which can result in violation of any other accounting rule which you dont know or are not aware about. Answer: What is the advantage of knowing the rules? a) To get end-to-end knowledge about the accounting process b) To get expertise for analysing the situation c) End-to End knowledge and expertise will help in reconciling and catching errors in accounting records Answer:

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