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what are athe accounting principles?
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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 |
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