This document outlines the golden rules of accounting. It defines a transaction as an exchange of money or money's worth. Accounting follows a double-entry system where transactions have two sides - a giver and receiver. Accounts are classified as real, personal, or nominal. Real accounts debit what comes in and credit what goes out, like assets. Personal accounts debit the receiver and credit the giver, like individuals. Nominal accounts debit expenses and losses, and credit income and gains. Examples are provided for each type of account and how debits and credits apply.