Golden rules of accounting?

Question

Accepted Answer

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

The first golden rule is the Debit/Credit rule, which states that for every debit entry, there must be a corresponding credit entry.
The second golden rule is the Real/Personal/Nominal rule, which categorizes accounts into these three types based on their nature.
The third golden rule is the Expense/Income rule, which states that expenses decrease equity while income increases equity.
Examples of the golden rules include recording a cash sale by debiting the cash account and crediting the sales account.
Another example is recording an expense payment by debiting the expense account and crediting the cash account.

Accepted Answer

Personal a/c :

Debit the receiver /credit the giver

Real a/c :

Debit what is comes in / credit what is goes out

Nominal a/c :

Debit the all expenses &losses

Credit the all incomes & gains

Accepted Answer

Nominal account,Real account, Personal account

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