What are golden rules of accounts?

Question

Accepted Answer

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

Debit the receiver, credit the giver
Debit what comes in, credit what goes out
Debit expenses and losses, credit income and gains
These rules ensure accuracy and consistency in financial reporting
For example, when a company receives cash from a customer, the accounts receivable account is debited and the cash account is credited

Accepted Answer

There are 3 types of accounts. Personal account Real account Nominal account Personal account: debit the receiver Credit the giver Real account : debit what comes in Credit what goes out Nominal account: debit all the expense and losses. Credit all the income and gains

Accepted Answer

There are 3 types of accounts. 
Personal account
Real account 
Nominal account 
Personal account: debit the receiver
                               Credit the giver
Real account      : debit what comes in
                               Credit what goes out
Nominal account: debit all the expense and losses.
                            Credit all the income and gains.

What are golden rules of accounts?

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