Inventory Accounting Interview Question:

Described accounting rules called?

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Threre are 3 types of golden rules in accounting:
1)personal accounting
2)real accounting
3)Nominal accounting

1.personal accounting refers to individuals or organisation or companises the rule of personal accounting debit the reciever credit the giver

2.real accountinf refers to tangible and intangible assets the rukle of real accounting debit what comes in credit what goes out.

3.Nominal accounting refers to all expenditure and income the rule of nominal accounting debit all expenses/losses credit income/gains
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