Question

explain the modern rule of accounting​

Answer 1

Explanation:

Under the Modern Approach, the accounts are not debited and credited. Hence, the Accounting Equation is used to debit or credit an account. ... Also, a transaction may affect two accounts on the debit side or two accounts on the credit side. Also, the profits will increase the Capital and losses will decrease it.

Answer 2

Explanation:

Under the Modern Approach, the accounts are not debited and credited. Hence, the Accounting Equation is used to debit or credit an account. ... Also, a transaction may affect two accounts on the debit side or two accounts on the credit side. Also, the profits will increase the Capital and losses will decrease it.