What is agolden rules .

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Golden rules are basic principles of accounting that serve as a foundation for recording financial transactions.

There are three golden rules of accounting: Debit the receiver, Credit the giver; Debit what comes in, Credit what goes out; Debit all expenses and losses, Credit all incomes and gains.
These rules ensure that every transaction is recorded accurately and consistently.
For example, if a company receives cash from a customer, the cash account will be debited (increased) and the accounts receivable account will be credited (decreased).
The golden rules are essential for creating accurate financial statements and analyzing a company's financial performance.

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