The three golden rules of accounting are the basis of all accounting practices.

• The first rule is the accounting equation: Assets = Liabilities + Equity

• The second rule is the double-entry principle: Ev...read more

• Rule 1: Debit all expenses and losses, credit all incomes and gains.

• Rule 2: Debit the receiver, credit the giver.

• Rule 3: Debit what comes in, credit what goes out.

1. Debit the receiver, credit the giver.

2. Debit what comes in, credit what goes out.

3. Debit all the expenses and losses, credit all the income and gains.