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What is the basic rule of accounting?

Accounting Accounting and Finance
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Question added by Daniel Jowabe , Assistant Internal Auditor , Chaminuka RDC
Date Posted: 2015/09/26
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Nausher Alam Choudhury
by Nausher Alam Choudhury , Process Lead , Capgemini Business Services India Private Limited

Golden Rules-

Personal Accounts- Debit the receiver, credit the giver.

Real Accounts- Debit what comes in, credit what goes out.

Nominal Accounts- Debit all expenses and losses, credit all gains and income.

 

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