Basic Accounting Questions ✅ What are the types of accounting entries? Journal Entry, Ledger Posting, Trial Balance, Final Accounts Adjusting Entries (Accruals & Deferrals), Closing Entries ✅ Can you explain the Golden Rules of Accounting? Real Account: Debit what comes in, Credit what goes out Personal Account: Debit the receiver, Credit the giver Nominal Account: Debit all expenses & losses, Credit all incomes & gains ✅ What is the difference between Accounts Payable and Accounts Receivable? Accounts Payable (AP): Amount the company owes to suppliers (Liability) Accounts Receivable (AR): Amount the company needs to collect from customers (Asset) ✅ What is the Journal Entry for Purchases on Credit? 🔹 Entry: