What are the golden rules in accounting?

What are the golden rules in accounting?

As expected in a field as marked as accounting, there are some rules that every professional must follow when performing their tasks:

  • Personal accounts: the recipient’s account is debited and the donor’s account is credited.
  • Real accounts: what is entered is debited and what is taken out is credited.
  • Nominal accounts: expenses and losses are charged and income and profits are credited.

You can find several examples of the practical application of these golden rules of accounting on the web (in online resources or on specialized accounting websites), as well as in books and magazines on accounting practices and principles.

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Filing taxes can be stressful, but you can be sure of one thing, accountants and advisers need to make sure everything is correct. 

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