Question

golden rule of acvounts​

Answer 1

Answer:

The Golden Rules are:

1) Personal Account - Debit the Receiver & Credit the Giver

2) Impersonal Real Account - Debit what Comes In & Credit what Goes out

3) Impersonal Nominal Account - Debit all Expenses and Losses & Credit all Income and Gains

Answer 2

Answer:

The following are the rules of debit and credit which guide the system of accounts, they are known as the Golden Rules of accountancy: First: Debit what comes in, Credit what goes out. Second: Debit all expenses and losses, Credit all incomes and gains. Third: Debit the receiver, Credit the giver.