What are the golden rules

Question

Accepted Answer

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

There are three golden rules: 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 that every transaction is recorded accurately and consistently.
For example, if a company receives cash from a customer, the cash account is debited (increased) and the accounts receivable account is credited (decreased).

Accepted Answer

Personal account - dr the receiver CR the giver Real account- dr what comes in CR what goes out Nominal account -dr all expenses and losses CR all income and gains

Accepted Answer

Personal account : debit the receiver
                               Credit the giver
Real account : debit what comes in
                        Credit what goes out
Nominel account : debit all expenses and losses
                              Credit all incomes and gains

What are the golden rules

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