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The three primary areas of accounting include financial accounting, which involves the preparation of financial statements to provide an overview of a company’s financial performance and position. Cost accounting focuses on tracking and analyzing costs related to production, operations, or services provided. Lastly, management accounting involves generating reports and analyses to aid internal decision-making and strategic planning within an organization. Each area plays a crucial role in helping businesses effectively manage their finances and operations.

The three fundamental rules of accounting, explained with examples:

Credit the giver and debit the receiver: When receiving something, you credit the giver and debit the receiver. For instance, when receiving cash from a customer, you debit cash (receiver) and credit accounts receivable (giver).

Debit what comes in, credit what goes out: Items coming into the business are debited, and items going out are credited. For example, when purchasing goods, you debit purchases (coming in) and credit cash or accounts payable (going out).

Debit all losses and expenses, credit all gains and incomes: Any losses or expenses are debited, while gains or incomes are credited. For instance, debiting rent expense for monthly rent payments and crediting cash or accounts payable.

These rules form the basis of double-entry bookkeeping, ensuring accurate recording and balance in financial transactions.