types of accounts and its rules

Answer Posted / subhash a.

Types of accounts
1. Personal,
2. Real,
3. Nominal.

Rules of Accounting:

1. Personal Accounts: Debit the receiver; Credit the giver

2. Real Accounts: Debit what comes in; Credit what goes out

3. Nominal Accounts: Debit expenses & losses; Credit incomes
& gains

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