Question

Give tha golden rules of double entry accounting system?​

Answer 1

Answer:

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Explanation:

Transactions are entered in the books of accounts by applying the following golden rules of accounting: Real account: Debit what comes in and credit what goes out. Personal account: Debit the receiver and credit the giver. Nominal account: Debit all expenses & losses and credit all incomes & gains.

Answer 2

Explanation:

Assets: Resources owned by a business which have economic value you can convert into cash (e.g., land, equipment, cash, vehicles)

Expenses: Costs that occur during business operations (e.g., wages, supplies)

Liabilities: Amounts owed to another person or business (e.g., accounts payable)

Equity: Your assets minus your liabilities

Income and revenue: Cash earned from sales