The Greater Bombay Co-operative Bank Head Internal Audit Interview Questions and Answers for Experienced

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

• The golden rules include the Personal Account, Real Account, and Nominal Account.

• Personal Account: Debit the receiver, credit the giver. For example, when cash is received from a customer, debit the cash account and credit the customer's account.

• Real Account: Debit what comes in, credit what goes out. For example, when ...read more

Modern rules of accounts refer to the updated accounting standards and practices that are used in the current business environment.

• Modern rules of accounts are based on the Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).

• They emphasize on transparency, accuracy, and consistency in financial reporting.

• Modern rules of accounts also include the use of technology in ac...read more

Modern rules of balance sheet include presenting assets and liabilities in order of liquidity.

• Assets are listed in order of liquidity, with the most liquid assets listed first.

• Liabilities are also listed in order of liquidity, with the most immediate liabilities listed first.

• The balance sheet must balance, with total assets equaling total liabilities and equity.

• Intangible assets must be disclosed separately from tangib...read more