What are the 3 golden rules of accounting?

Question

Accepted Answer

The 3 golden rules of accounting are the rules of debit and credit, the rule of assets equal liabilities plus equity, and the rule of revenue minus expenses equals profit.

Rule of Debit and Credit: Every transaction has equal debits and credits, ensuring the accounting equation stays balanced.
Rule of Assets equal Liabilities plus Equity: The total assets of a business must equal the total of its liabilities and equity.
Rule of Revenue minus Expenses equals Profit: The difference between revenue and expenses results in the profit or loss of a business.

Accepted Answer

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

Accepted Answer

Thre are three golden rules 1. Personal account. Debit the receive &Credit the giver 2. Real account. Debit what comes in & Credit what goes out 3. Nominal Account. Debit expenses and losses Credit incomes and gain.

Accepted Answer

Debit the receiver, and credit the giver

Debit all expenses and losses but credit all incomes and gains

Accepted Answer

Thre are three golden rules
1. Personal account. Debit the receive &Credit the giver
2. Real account. Debit what comes in & Credit what goes out
3. Nominal Account. Debit expenses and losses Credit incomes and gain.

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What are the 3 golden rules of accounting?

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