Final answer:
Accounting is a system of recording financial transactions and balancing financial information. The accounting principle of debiting the receiver and crediting the giver applies to personal accounts.
Explanation:
Accounting is a system of recording financial transactions and summarizing financial information in a useful manner. The fundamental accounting principle of debit the receiver and credit the giver is applied to personal accounts, where individuals and organizations are involved. In this principle, when money is received, a debit entry is made in the receiver's account, and a credit entry is made in the giver's account to ensure the accounting equation remains balanced.
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