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      Question

      The rule for recording transactions in a Personal

      Account is:
      A Debit what comes in, Credit what goes out Correct Answer Incorrect Answer
      B Debit the receiver, Credit the giver Correct Answer Incorrect Answer
      C Debit all expenses and losses, Credit all incomes and gains Correct Answer Incorrect Answer
      D Debit the increase, Credit the decrease Correct Answer Incorrect Answer

      Solution

      This is the golden rule for Personal Accounts. When a person or entity receives something, their account is debited. When they give something, their account is credited.

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