3 golden rules for accounting?

Question

Accepted Answer

The 3 golden rules for accounting are the rules of debit and credit, the rule of assets and liabilities, and the rule of income and expenses.

Rule of debit and credit: Every transaction has equal debits and credits, ensuring that the accounting equation remains balanced.
Rule of assets and liabilities: Assets increase with debits and decrease with credits, while liabilities increase with credits and decrease with debits.
Rule of income and expenses: Income is recorded as a credit and expenses as a debit, reflecting the increase or decrease in the company's financial position.

Accepted Answer

Personal A/c - Debit the receiver, Credit the giver.

Real A/c - Debit what comes in, Credit what goes out.

Nominal A/c - Debit all the expenses and losses, Credit all the incomes and gains.

Accepted Answer

1. Dr the receiver and cr the giver 2. Dr what comes in cr what goes out 3. Dr all the expenses and losses cr all the incomes and profits

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