Question

What are the different types of account? State the Golden rules of accounting.
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Answer 1

Answer:

Hey

there are mainly 2 types of Account personal and impersonal..impersonal accounts have 2 sub types that are real account and nominal account..hence we consider 3 types of accounts..personal, real, nominal..

Golden Rules:

Real Account -- Debit what comes in

Credit what goes out

Personal Account-- Debit the receiver

Credit the giver

Nominal account--Debit all expenses and losses

Credit all incomes and gains