Three golden rule of accounting, what is deprecation, what is assets & liabilities

Question

Accepted Answer

Depreciation is the decrease in value of an asset over time. Assets are resources owned by a company, while liabilities are debts owed by a company.

Three golden rules of accounting are: 1) Debit the receiver, credit the giver 2) Debit what comes in, credit what goes out 3) Debit expenses and losses, credit income and gains
Depreciation is a method of allocating the cost of a tangible asset over its useful life. For example, a company may purchase a machine for $10,000 and estimate its useful life to be 5 years. Each year, the company would record $2,000 of depreciation expense.
Assets are resources owned by a company that have economic value and can be used to generate future revenue. Examples include cash, inventory, and property. Liabilities are debts owed by a company to others, such as loans or accounts payable.

Accepted Answer

1, Debit the receiver, credit the giver

2, Debit what comes in , Credit what goes out

3, Debit expenses and losses, credit incomes and gains

Three golden rule of accounting, what is deprecation, what is assets &amp; liabilities