BPS Interview Questions and Answers

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

• The first golden rule is the Personal Account rule, which states that debit the receiver and credit the giver.

• The second golden rule is the Real Account rule, which states that debit what comes in and credit what goes out.

• The third golden rule is the Nominal Account rule, which states that debit all expenses and losses and credit all incomes and gains.

• These rules ensur...read more