What are accounting Principles?
Answers were Sorted based on User's Feedback
Answer / jyoti s k
Accounting principles are like laws that are made by
International Accounting Standards to be used in business so
that all tractions and records are kept clear and fair. The
basic difference between principles and concepts is to their
implementation and understanding. Principles are used to
implement where as procedures are used for understanding of
accounting.
Is This Answer Correct ? | 53 Yes | 69 No |
Answer / p.philemon babu
ACCOUNTING PRINCIPLES:
(1)PERSONAL ACCOUNT:DEBIT WHAT COMES IN
CREDIT WHAT GOES OUT
(2)REAL ACCOUNT:DEBIT WHAT COMES IN
CREDIT WHAT GOES OUT
(3)NOMINAL ACCOUNT:DEBIT ALL EXPENSES AND LOSSES
CREDIT ALL PROFIT AND GAINS
Is This Answer Correct ? | 137 Yes | 154 No |
Answer / ganesh upadhyay
Accounting principles are like laws that are made by
International Accounting Standards to be used in business so
that all tractions and records are kept clear and fair. The
basic difference between principles and concepts is to their
implementation and understanding. Principles are used to
implement where as procedures are used for understanding of
accounting.
Is This Answer Correct ? | 7 Yes | 24 No |
Answer / tsethi
There are basic principles of Accounts
1) Personal Accounts Dr what comes in & Cr what goes out
2) Real Accounts: Dr the receiver Cr the giver
3) Nominal Accounts: Dr all expenses and loses Cr All
incomes & gains
Is This Answer Correct ? | 8 Yes | 27 No |
Answer / pankaj agrawal
THERE ARE FOUR TYPE OF ACCOUNTING PRINCIPLE
1. COST PRINCIPLE
2. REVENUE PRINCIPLE
3. MATCHING PRINCIPLE
4. DISCLOSURE PRINCIPLE
Is This Answer Correct ? | 18 Yes | 40 No |
Answer / mustaque ahmed
Accounting principles is
1.Matching concept
2.cost principle
3.Matching Principle
4.Full closure of cost principle
5.objectively principles
6.Revenue Recognition Principles
Is This Answer Correct ? | 13 Yes | 35 No |
Answer / neetika ojha
1- Prudence Concept
2- Dual aspect concept
Is This Answer Correct ? | 11 Yes | 34 No |
Answer / shoukatali
REAL ACCOUNTS DEBIT WHAT COMES IN
CREDIT WHAT GOES OUT
NOMINAL ACCOUNTS DEBIT ALL EXPENSES AND LOSSES
CREDIT ALL INCOMES AND REVENUES
PERSONAL ACCOUNTS DEBIT THE GIVER
CREDIT THE RECEIVER
Is This Answer Correct ? | 83 Yes | 107 No |
Answer / ahamed
maintaining the accounts
eg:daybook,bankbook,salesandpurchase account,etc there
are types of accounts 1.personial:debit recieves credit
gives
2.real:debit comes out credit goves
out
3.nominal:debit expenditure,loss credit
profit
Is This Answer Correct ? | 177 Yes | 240 No |
Answer / ramesh.mandadapu
personal a/c: dedit whatcomes in and what goes out
real a/c: all expenses,profits debit and all revenues and
losses credit
nominal a/c: debit is receiver credit is the giver
Is This Answer Correct ? | 71 Yes | 146 No |
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