What is accounting What are three rules in accounting

Question

Accepted Answer

Accounting is the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions.

Three rules in accounting are the accounting equation, double-entry accounting, and the matching principle.
The accounting equation states that assets must equal liabilities plus equity.
Double-entry accounting requires that every transaction have equal debits and credits.
The matching principle requires that expenses be matched with the revenues they helped to generate.