Golden rules of Accounting?

Question

Accepted Answer

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

The first golden rule is the Debit-credit rule, which states that for every debit entry, there must be a corresponding credit entry.
The second golden rule is the Real account rule, which states that all assets and liabilities have a debit balance and all incomes and expenses have a credit balance.
The third golden rule is the Personal account rule, which states that personal accounts of individuals or organizations have a debit balance for the receiver and a credit balance for the giver.
The fourth golden rule is the Nominal account rule, which states that all nominal accounts, such as revenues, expenses, gains, and losses, have a debit balance for expenses and losses and a credit balance for revenues and gains.

Accepted Answer

Personal Account -Debit the receiver and credit the giver.
Real Account -Debit what comes in and credit what goes out.
Nominal Account - Debit all expenses and losses, credit all Incomes and gains.

Golden rules of Accounting?

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