just simple question .wat are the three golden rules of accounts?

Answer

  • Lata
  • 01 Dec
  • 530827 Views
  • 235 Answers
Your Answer

Three types of accounts are:

- Real account: All assets of a firm, which are tangible or intangible, fall under the category “Real Accounts“.
- Personal account: These accounts are related to individuals, firms, companies, etc.
- Nominal accounts: Accounts that are related to expenses, losses, incomes, or gains are called Nominal accounts.

The tree golden accounting principles are:

Real Account:
Debit what comes in
Credit what goes out

Personal Account:
Debit the receiver
Credit the giver

Nominal Account:
Debit all expenses & losses
Credit all incomes & gains

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