Question

define accounting and golden rules of accounting​

Answer 1

Answer:

You must record credits and debits for each transaction. The golden rules of accounting also revolve around debits and credits. ... Debit the receiver and credit the giver. Debit what comes in and credit what goes out. Debit expenses and losses, credit income and gains.

Answer 2

Answer:

The journal entries are passed on the basis of the Golden Rules of accounting. To apply these rules one must first ascertain the type of account and then apply these rules. Debit what comes in, Credit what goes out. Debit the receiver, Credit the giver. Debit all expenses Credit all income.

You must record credits and debits for each transaction. The golden rules of accounting also revolve around debits and credits. Debit the receiver and credit the giver. Debit what comes in and credit what goes out. Debit expenses and losses, credit income and gains.

#Hope it help.