Accounts Receivable (AR) Question:
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What are the three golden rules of accounts?
Answer:
Personal accounts --> Debit the benefit receiver, credit the benefit giver
Real accounts --> Debit what comes in, credit what goes out
Nominal Accounts --> Debit all expenses and losses, credit all incomes and gains
Real accounts --> Debit what comes in, credit what goes out
Nominal Accounts --> Debit all expenses and losses, credit all incomes and gains
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