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

• Debit the receiver, credit the giver

• Debit what comes in, credit what goes out

• Debit expenses and losse...read more

Basically accounts are three types

1.Personal account

2.Real account

3.Nominal account

1.Personal account

Debit:the reciever

Credit:the giver

2.Real account

Debit:what comes in

Credit:what goes out

3.Nominal...read more