Question

what is the Diamond rule of accounting​

Answer 1

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.

Answer 2

Answer:

GOLDEN RULE OF ACCOUNTING ARE -

PERSONAL ACCOUNT

DEBIT THE RECEIVER

CREDIT THE GIVER

REAL ACCOUNT

WHAT GOES OUT CREDIT

WHAT COMES IN DEBI

NOMINAL ACCOUNT

ALL EXPENSES AND LOSSES ARE DEBIT

INCOME AND GAINS ARE CREDIT