Golden rules of accounts

What are the three best golden rules of accounts?

E

Expert

Verified

The three best golden rules of accounts are:-

a) Personal accounts-Debit the benefit receiver and credit the benefit giver.
b) Real accounts-Debit what comes in and credit what goes out.
c) Nominal Accounts-Debit all expenditures and losses and credit all the incomes and profits.

   Related Questions in Accounting Basics

©TutorsGlobe All rights reserved 2022-2023.