What are accounting Principles?
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Answer / ashwini_v629@yahoo.in
Accounting principals those rules of action or conduct that
are folllowed by the accountants universally while
recording accounting transactions.They are boby of
doctrines commonly associated with theory and procedures of
accounting. These principals can be classified int two
categories:
Accounting concepts and
Accounting conventions.
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Answer / zahirhussain
the accounting as folow to the books metirals only. it's
used to managent of company accounts.
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Answer / manas basu
total Debit Amount = Total Credit Amount
i.e Trial Balance .
Heading : Trial Balance as on ....
Every Debit entry must be corresponding Credit Entry.
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Answer / askaruv
these are also known as golden accounting principles
expence increase debit
exp decrease credit
incom increase debit
inc decrease credit
asset increase debit
ass decrease credit
liability increase credit
lia decrease debit
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Answer / i.srinivasreddy
Accounting Principles are:
Personal Account: Debit the Receiver and
Credit the Giver.
Real Account: Debit what Comes In and
Credit what Goes Out.
Nominal Account: Debit all Expenses and Losses and
Credit all Gains and Incomes
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Answer / daa&
Maintaining the Basic Accounting Books, ex. Daybook, bank
book, purchase sales account and vouchers. regular invertory
process
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Answer / prashant rai
Accounting principles have two aspects.
1. Accounting concepts
2. Accounting conventions
Accounting principle is a science of accounting.
Science of accounting means systematic presentation of
accounts.
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Answer / raja
Accounting Principles can be classified in two categories
(1)Accounting concepts
(2)Accounting conventions
Three types of accounts namely ,
Personal accounts:
Debit the receiver
credit the giver
{Ex:Natural person's Personal account,Artificial Person's Personal Account,Representative Persons' Personal Account}
Real Account (property account):
Debit: what comes in
Credit what goes out
{Ex:Tangible Real Accounts,Intangible Real Accounts}
Nominal Account:
Debit:All expenses and loses
Credit all incomes and gains
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Answer / vijay shewale
Real A/C:- Debit what Comes In And Credit What Goes Out
Personal A/C:-Debit The Receiver And Credit The Giver
Nominal A/C:-Debit All Expenses And Losses and Credit All
Profit And Gains
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Answer / rev. dr. b. russel raj
Personal Account : Debit the receiver
Credit the giver
Real Account : Debit what comes in
Credit what goes out
Nominal Account : Debit all expenses and
losses
Credit all incomes and gains
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