Question

in accounts what is a golden rules​

Answer 1

It’s no secret that the world of accounting is run by credits and debits. Debits and credits make a book’s world go ‘round.

Before we dive into the golden principles of accounting, you need to brush up on all things debit and credit.

Debits and credits are equal but opposite entries in your accounting books. Credits and debits affect the five core types of accounts:

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
A debit is an entry made on the left side of an account. Debits increase an asset or expense account or decrease equity, liability, or revenue accounts.

A credit is an entry made on the right side of an account. Credits increase equity, liability, and revenue accounts and decrease asset and expense accounts.

You must record credits and debits for each transaction.

The golden rules of accounting also revolve around debits and credits. Take a look at the three main rules of accounting:

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:

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