What are golden rules of accounting?

Question

Accepted Answer

Golden rules of accounting are basic principles to maintain accurate financial records.

The first golden rule is to maintain a record of all financial transactions.
The second golden rule is to record all transactions in the appropriate account.
The third golden rule is to ensure that the accounting equation (Assets = Liabilities + Equity) is always balanced.
Examples of these rules in practice include recording all sales in the sales account and all purchases in the purchase account.
Another example is ensuring that all expenses are recorded in the appropriate expense account.
The golden rules of accounting are essential for accurate financial reporting and decision-making.

Accepted Answer

Three golden rules of accounting
#1. Debit the receiver, credit the giver.
#2. Debit what comes in, credit what goes out.
#3. Debit all expenses and losses, credit all incomes and gains

Accepted Answer

Golden rules are nothing knowing the principles of the recording the day to day transaction .personal account debit the receiver credit the giver real account debit what comes in credit what goes out nominal account debit all expenses and losses credit all income and gains

Accepted Answer

1.Personal a/c

2.Real a/c

3.Nominal a/c

What are golden rules of accounting?

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