Question

For which account does the accounting principle state that we must debit the receiver and credit the giver?

personal account

real account

nominal account

asset account

Answer 1

The answer is Personal account

Answer 2

The correct answer is letter "A": Personal Account.

Step-by-step explanation:

Accounting principles are statements that provide instructions on how the money flow and assets should be reported. These transactions should be reported in the entity's accounts using the double accounting method. In that sense, one account is debited and the other is credited with the same amount. The Personal Account rule establishes that the receiver's debit and the donor's credit.