Golden Rules of Accounts? What is the special in your native? Payroll, Credit Sales Journal Entry? If you apply US Taxation, below the questions What is Standard deduction, Itemized deduction, What are the documents required from the client What is the difficult case you have experienced in past season How many clients you have Prepared What is K1 Schedule C Tell me about 5471 form, Fincen

Question

Accepted Answer

Golden Rules of Accounts are basic principles that guide the recording of financial transactions.

The Golden Rules of Accounts include: Debit what comes in, Credit what goes out; Debit the receiver, Credit the giver; Debit expenses and losses, Credit income and gains.
For example, when a company receives cash from a customer, the entry would be to debit the cash account (what comes in) and credit the accounts receivable account (what goes out).
These rules help ensure accurate and consistent recording of transactions in accounting.

Popular interview questions of Us Taxation Associate