What are the three golden rules? What are fictitious assets? What are contingent liabilities? What is reserve and provision and why it's created? What are accrual accounts? Some important journal entries

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The three golden rules of accounting are: debit the receiver, credit the giver; debit what comes in, credit what goes out; debit all expenses and losses, credit all incomes and gains
Fictitious assets are intangible assets that have no physical existence, such as goodwill, patents, trademarks, and copyrights
Contingent liabilities are potential liabilities that may or may not occur in the future, such as lawsuits, warranties, and guarantees
Reserve and provision are created to set aside funds for future expenses or losses. Reserves are created for specific purposes, while provisions are created for uncertain future events
Accrual accounts are used to record revenue or expenses that have been earned or incurred but not yet received or paid
Some important journal entries include: recording a sale on credit, recording a purchase on credit, recording depreciation expense, recording a bad debt expense

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Golden rules three types 
1.parsonal account
2.real account
3.nominal account 
This all golden rules related

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Depreciation and also journal entry related this is a asset related depreciation but all document type all financial transactions and accounting report process

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Please follow your college books

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You should always prefer simple answers

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Three golden rules : real accounts, personal account, nominal account. Fictitious asset are intangible assets as it cannot be touched eg goodwill, trademarks.

What are the three golden rules? What are fictitious assets? What are contingent liabilities? What is reserve and provision and why it's created? What are accrual accounts? Some important journal entries

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