GOLDEN RULES OF ACCOUNTING Definition

Bookmark and Share

GOLDEN RULES OF ACCOUNTING are: 1. Debits ALWAYS EQUAL Credits; 2. Increases DO NOT NECESSARILY EQUAL Decreases; and, 3. Assets - Liabilities = Owners Equity (The Accounting Equation).

Learn new Accounting Terms

DEFICIENCY is a shortcoming in an internal control or an opportunity to strengthen internal controls.

GNP see GROSS NATIONAL PRODUCT.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.