What are the Golden Rules of Accounting

The golden rules of accounting are foundational principles that guide the recording of financial transactions. They include: 1) Debit what comes in and credit what goes out for real accounts, 2) Debit the receiver and credit the giver for personal accounts, and 3) Debit all expenses and losses and credit all incomes and gains for nominal accounts. These rules ensure accurate and consistent bookkeeping, forming the basis of double-entry accounting.