Important Points for IC 26 - Life Insurance Finance Exam
Page 2 Of 82
Go to:
Rules of accounting : Nature of account - Rule of accounting : Personal account, Real account, Nominal account
Personal account - Debit the receiver of benefits, Credit the giver of benefits;
Real account - Debit what comes in, Credit what goes out;
Nominal account - Debit expenses and losses, Credit incomes and gains
A journal is the book of prime entry wherein accounting transactions are recorded. All journal entries have to follow the principles of double-entry book-keeping.
MODELEXAM® 
www.realsoftinfoplan.com