what are athe accounting principles?
Answers were Sorted based on User's Feedback
Answer / aditya srivastava
1)PERSONAL ACCOUNT
Debit the receiver.
Credit the giver.
2)REAL ACCOUNT
Debit wat comes in.
Credit wat goes out.
3)NOMINAL ACCOUNTS
Debit all expenses and losses.
Credit all incomes and gains.
Is This Answer Correct ? | 8 Yes | 3 No |
Answer / hr sreepada bhagi
The question is about Accounting Principles and not about
Debit-Credit rules for the three types of accounts mentioned
above.
principles of Accounting refers to the basic or fundamental
concepts & conventions for recording the transactions and
reporting. These Principles are broadly divided in to A)
Concepts & B)Conventions.
A few examples of Accounting Concepts are - 1.Business
Entity, 2.Accounting Period, 3.Money Measurement, 4.Accrual
(Matching), 5.Materiality, etc. and Conventions like
1.Consistency, 2.Consistency, etc. (This list is incomplete
& without explanation)
For detailed knowledge, refer Book on Accounting Principles
or Fundamentals of Accounting or Advanced Accountancy
Is This Answer Correct ? | 6 Yes | 2 No |
Answer / sudhansu
basic principies of accounting are
1.revenue recognition principle
2.historical cost principle
3.matching principle
4.full discloser principle
5.objectivity principle
Is This Answer Correct ? | 1 Yes | 0 No |
Answer / moin
There are 3 types of accounting principles.
1) PERSONAL ACCOUNT
Debit the Receiver
Credit the Giver
2) REAL ACCOUNT
debit what goes out
Credit what comes in
3) NOMINAL ACCOUNT
Debit all expenses and losses
Credit all gains and incomes
Is This Answer Correct ? | 4 Yes | 11 No |
comapny paid expense on behalf of other after due date , it recieved it, whichb type of entry company do in accounting? expense claims comes under personal account, real cccount or other?
what is MIGO and MIRO ?
WHAT DO WE MEAN BY CURRENT ACCOUNTS SEPARATE FROM SAVINGS ACCOUNTS.
Expand-------GDR
mention 3 types of cash book
What is the method to set the Credit limit for Customers in Business?
what is the three basic rules of accounting?
EXPAND______________RFID
What is the due date for filing monthly & annual sales tax returns in karanataka
What is the journal entry for reverse the late payment of loan from the bank A.
what is Journal Entries?
What's the meaning of Preferential Creditor?