Important Points for IC 26 - Life Insurance Finance Exam

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  • 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.

Life Insurance Finance