what is basic accounts rule?
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Answer Posted / ved aryan
the basic rules of accounting are as follows
1)Personal accounts:-
a)artificial personal accounts
b)natural personal accounts
c)representative personal accounts
RULE:-debit the receiver ,credit the giver
2)Real Accounts:- divided into two types
a)Tangible Accounts
b)Intangible Accounts
RULE:-debit what comes in,credit what goes out
3)Nominal Accounts:-deals with expense and income
RULE:-debit all expenses and losses
credit all incomes and gains
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