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What are the golden principles of accounting? Give an
example for each.
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Answer Posted / jubeda
THERE ARE THREE GOLDEN PRINCIPLES OF ACCOUNTING
PERSONAL A/C - DEBIT THE RECEIVER
CREDIT THE GIVER
EG: NAME OF A COMPANY/FIRM/PERSON/ETC.
REAL A/C - DEBIT WHAT COMES IN
CREDIT WHAT GOES OUT
EG: EXPENSES/ASSETS/CASH/ETC.
NOMINAL A/C - DEBIT ALL EXPENSES/LOSSES
CREDIT ALL INCOMES/GAINS
EG: EXPENSES/INCOMES/INTEREST/COMMISSION/SALARY/ETC.
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