Types of accounts and golden rules of accounts

• Types of accounts include assets, liabilities, equity, revenue, and expenses

• Golden rules of accounts are based on the accounting equation: Assets = Liabil...read more

Two types of accounts:

1.Personal

2.Impersonal - It is divided into 1. Real account, 2.Nominal account.

Golden rules:

1.personal account - debit the receiver & credit the giver.

2.Real account - d...read more