Do you know about the Accounting Rules famously known as Golden Rules of Accounting.?

Question

Accepted Answer

Yes, the Golden Rules of Accounting are basic principles that guide the recording of financial transactions.

The Golden Rules of Accounting are: Debit what comes in, Credit what goes out; Debit the receiver, Credit the giver; Debit all expenses and losses, Credit all incomes and gains.
These rules ensure that every financial transaction is recorded accurately and consistently.
For example, if a company receives cash from a customer, the transaction would be recorded by debiting the cash account (what comes in) and crediting the accounts receivable account (what goes out).
Similarly, if a company pays rent expense, the transaction would be recorded by debiting the rent expense account (expense) and crediting the cash account (what goes out).

Accepted Answer

Yes

Company all'policy manten and rules follow my good manners

Accepted Answer

Company all policy manten and rules follow my good mannes

Accepted Answer

Company all policy manten and rules follow my good mannes

Accepted Answer

I replied in very Enthusiastic manner by ellaborating the Rules of Accounting without any hush - hush. i told him that Accounting works on three basis rules that are related to classification of Accounts and the Classification is as follows: A. Personal Accounts, B. Real Accounts, C. Nominal Accounts. for Personal Accounts we use Debit for the Receiver and Credit for the Giver, for Real Accounts we use Debit What Goes Out and Credit for What Comes In, for Nominal Accounts we use Debiting all the Expenses and Losses and Crediting all the Incomes and Gains. along with these rules i also told him that what is the definition of Personal, Real and Nominal Accounts.

Do you know about the Accounting Rules famously known as Golden Rules of Accounting.?

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