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Fundamental of the Golden Rules of Accounting
Fundamental of the Golden Rules of Accounting The essential accounting principles are as follows- Futuristic Approach A firm is considered to exist in perpetuity. The only way to cease it once it has established itself is to split it. As a result, accountants make use of the concept of a going concern. This assumption suggests…
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Golden Rules of Accounting
Golden Rules of Accounting 1) Rule One – “Debit what comes in – credit what goes out.” 2) Rule Two – “Credit the giver and Debit the Receiver.” 3) Rule Three – “Credit all income and debit all expenses.” These are three Accounting’s golden rules aid in the documentation of financial transactions in ledgers. These…
