What is accounting golden rules?

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Accounting golden rules are basic principles of accounting that guide the recording of financial transactions.

There are three golden rules of accounting: debit the receiver, credit the giver; debit what comes in, credit what goes out; debit expenses and losses, credit income and gains.
These rules ensure that every financial transaction is recorded accurately and consistently.
For example, if a company receives cash from a customer, the cash account is debited (increased) and the accounts receivable account is credited (decreased).
Similarly, if a company pays for rent, the rent expense account is debited (increased) and the cash account is credited (decreased).

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