What are the golden rules of accounting.

Question

Accepted Answer

The golden rules of accounting are basic principles that guide the recording of financial transactions.

The golden rules include the rules of debit and credit, which determine how transactions are recorded in the books of accounts.
The three golden rules are: 1) Debit what comes in, credit what goes out; 2) Debit the receiver, credit the giver; 3) Debit all expenses and losses, credit all incomes and gains.
For example, when a company receives cash from a customer, it would debit the cash account (what comes in) and credit the accounts receivable account (what goes out).
Similarly, when a company pays rent, it would debit the rent expense account (expense) and credit the cash account (decrease in assets).

Accepted Answer

Real account 
Nominal account 
Personal account

Accepted Answer

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 and credit all incomes and gains.

Accepted Answer

real account

nominal account

personal account

What are the golden rules of accounting.

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