Question

What Are the Three Golden Rules of Accounts?

Answer 1

The three golden rules of accounting are:

1. Debit the receiver, credit the giver
2. Debit what comes in, credit what goes out
3. Debit expenses and losses, credit incomes and gains.

Also read:

• Accounting MCQs
• Difference Between Bookkeeping and Accounting
• Dual Aspect Concept in Accounting
• Difference Between Cash Basis and Accrual Basis of Accounting

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