explain the rules of debit and credit according to accounting equation ( modern approach) and english system ( traditional approach ) .
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Accounting for financial transactions can be classified into two types of approaches. One is the Traditional Approach and another one is the Modern Approach.
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Rules of Debit and Credit under the Modern Approach.
Asset Accounts Debit the increase; Credit the decrease
Revenue Accounts Credit the Increase; Debit the decrease
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