What is the 3 golden rules of accounts?
Take a look at the three main rules of accounting: Debit the receiver and credit the giver.
Debit what comes in and credit what goes out.
Debit expenses and losses, credit income and gains..
What are the 3 golden rules?
The Golden Rules are: Personal Account – Debit the Receiver & Credit the Giver. Impersonal Real Account – Debit what Comes In & Credit what Goes out. Impersonal Nominal Account – Debit all Expenses and Losses & Credit all Income and Gains.
What are the 5 types of accounts?
The chart of accounts organizes your finances into five major categories, called accounts: assets, liabilities, equity, revenue and expenses.
What are the different types of account?
The Different Types of Accounts in Small Business AccountingCash Accounts. A cash account is used to record payments, deposits and withdrawals in real liquid currency. … Bank Accounts. … Credit Cards. … Undeposited Funds. … Income Accounts. … Expense Accounts. … Assets. … Liabilities.More items…•
What are the 3 types of bank accounts?
Three Types of Bank AccountsCentralized accounts (formerly known as “Banking Module” accounts)Branch accounts.Local bank accounts.
What are the 4 types of bank accounts?
Different Types of Bank AccountsBank Accounts are classified into four different types. They are,1) Current Account.2) Savings Account.3) Recurring Deposit Account.4) Fixed Deposit Account.