1. What are the golden rules of accounting ? 2.If insurance premium is paid for 1 st January for entire year to 31st December and books get closed on 31st march? What will be accounting treatment? 3. What are basis concepts of accounting ? 4. What is the accrual concept of accounting?

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The golden rules of accounting are basic principles that guide the process of recording financial transactions.

The golden rules of accounting include the principles of Debit the receiver, Credit the giver; Debit what comes in, Credit what goes out; and Debit expenses and losses, Credit income and gains.
For the insurance premium paid for the entire year on 1st January, the accounting treatment on 31st March would involve recognizing only 3 months of the premium as an expense in the income statement, with the remaining 9 months as a prepaid expense on the balance sheet.
The basic concepts of accounting include the principles of going concern, consistency, materiality, prudence, and full disclosure.
The accrual concept of accounting states that revenue and expenses should be recognized when they are incurred, regardless of when cash is exchanged. This ensures that financial statements accurately reflect the financial position of a company.

1. What are the golden rules of accounting ? 2.If insurance premium is paid for 1 st January for entire year to 31st December and books get closed on 31st march? What will be accounting treatment? 3. What are basis concepts of accounting ? 4. What is the accrual concept of accounting?

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