What are 3 accounting golden rules

Question

Accepted Answer

The 3 accounting golden rules are the basic principles of accounting that guide the recording of financial transactions.

The first golden rule is the 'Debit the receiver, credit the giver' rule, which means that when an asset is received, it is debited, and when an asset is given, it is credited.
The second golden rule is the 'Debit what comes in, credit what goes out' rule, which means that when there is an increase in expenses or losses, it is debited, and when there is a decrease in expenses or gains, it is credited.
The third golden rule is the 'Debit all expenses and losses, credit all incomes and gains' rule, which means that all expenses and losses are debited, and all incomes and gains are credited.

Accepted Answer

Rule1. Debit expenses and losses, credit all income and gains

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