what are accounting principles?
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Answer / heera
There are 3 Accounting principles. They are
1.Personal Accont:Receiver=Dr
Giver=Cr
2. Nominal Account:Expences/Losses=Dr
Incomes/Gains=Cr
3. Real Account:What Comes in=Dr
What Goes Out=Cr
| Is This Answer Correct ? | 9 Yes | 3 No |
Answer / t.r.n. sivakumar
Accounting principles consist of Accounting Concepts and
Accounting Conventions.
Accounting Concepts:
1. Business entity concept.
2. Dual Aspect concept
3. Accounting period concept.
4. Money measurement concept.
5. Realisation concept.
6. Matching concept.
7. Accrual concept.
8. Cost concept.
9. Going concern concept.
10.Rupee concept.
Accounting Convention:
1. Convention of consistency.
2. Convention of convervatism.
3. Convention of full disclosure.
4. Convention of materiality
| Is This Answer Correct ? | 4 Yes | 1 No |
Answer / h.r. sreepada bhagi
Accounting principles consist of Concepts & Conventions
mentioned by Sivakumar. There's no Rupee concept. These
principles are relevant all over the world under double
accounting system.
What's mentioned by Heera are Accounting Rules and not
principles.
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / isaac kamya
these include-cost principle,
revenue principle,
matching principle,
disclosure principle.
| Is This Answer Correct ? | 0 Yes | 0 No |
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