Question

Answer the following questions in brief

b) Write down the Golden Rules of debit and credit for different Accounts​

Answer 1

Answer:

Rules of Credits by Account

Opposite to debits, the “credit rule” state that all accounts that normally contain a credit balance will increase in amount when a credit is added to them and reduce when a debit is added to them. The types of accounts to which this rule applies are liabilities, equity, and income.

Explanation:

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