1. What is Accounting? Answer: Accounting involves recording, classifying, summarizing, and reporting a business's financial transactions. 2. What are the Golden Rules of Accounting? Answer: Personal Account: Debit the receiver, Credit the giver Real Account: Debit what comes in, Credit what goes out Nominal Account: Debit all expenses and losses, Credit all incomes and gains 3. What is the Accounting Equation? Answer: Assets = Liabilities + Equity. It indicates that a compan