What is account What are the golden rules for account

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Accounting is the process of recording, classifying, and summarizing financial transactions to provide useful information to stakeholders.

The golden rules of accounting are: Debit what comes in, Credit what goes out; Debit expenses and losses, Credit income and gains; Debit assets, Credit liabilities and equity.
Accounting helps businesses keep track of their financial transactions and make informed decisions.
There are different types of accounts, such as asset accounts, liability accounts, equity accounts, revenue accounts, and expense accounts.
Accounting principles and standards, such as GAAP and IFRS, provide guidelines for financial reporting and ensure consistency and transparency.
Accounting software, such as QuickBooks and Xero, can automate many accounting tasks and improve accuracy and efficiency.

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