What are the golden rules of accounting explain?
What are the golden rules of accounting explain?
Golden rules of accounting
| Type of Account | Golden Rule |
|---|---|
| Personal Account | Debit the receiver, Credit the giver |
| Real Account | Debit what comes in, Credit what goes out |
| Nominal Account | Debit all expenses and losses, Credit all incomes and gains |
What are the 3 types of accounts?
3 Different types of accounts in accounting are Real, Personal and Nominal Account.
What are the 3 books of accounts?
WHAT ARE THE KINDS OF BOOKS OF ACCOUNTS?
- General Journal. This is called the book of original entry because this is the first book where the business transaction are recorded. Journalizing is the process of recording in the journal.
- General Ledger. This is called the book of final entry.
What are the 3 golden rules?
The Golden rule for Personal, Real and Nominal Accounts:
- a) Debit what comes in.
- b) Credit the giver.
- c) Credit all Income and Gains.
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