Answer / seema gupta

principles of accounting;-
1) personnel account - debit the receiver & credit the giver
2)Real account - Debit whats comes in 7 credit what goes out
3)nominal account - Debit all expenses &losses and credit all gains & income

Answer / gururaja holla.r

(A)There are 3 types of accounting principals
1. personnel accoumt:- debit the receiver and credit the
giver,
2. real account:- debit what comes in and credit what goes
out.
3. nominal account:- debit all expenses and losses and
credit all gains and incomes

It is to be noted that there are 3 Fundamental Accounting
Assuptions which underlie the preparation and presentation
of financial statements.

(B) These are
(a)Going concern :- The enterprise continuing its operation
for forseeable future.Enterprise has neithar the intention
nor necessity of liquidation or curtailing materially the
sacale of operation.
(b) Consistency:-It is assumed that accounting policies are
consistent from one period to another.
(c) Accrual:-Revenues and costs are accrued, that is,
recognised as they are earned and incurred and not as money
recived and paid.

ANSWER TO THE QUESTION IS (A) ABOVE AND NOT (B) AS
MENTIONED BY FEW IN THE ABOVE DICUSSION.

Answer / rohit chauhan

he rules and guidelines that companies must follow when
reporting financial data. The common set of accounting
principles is the generally accepted accounting principles
(GAAP). account are classified according to thier
nature,based on which debiting and crediting principles
apply to them.
ther are three types of principle of accounts.
1 personal accounts.
2 real accounts.
3 nominal accounts.
[1](PERSONAL ACCOUNTS)
PERSONAL ACCOUNTS ARE OPENED IN NAMES OF INDIVIUAL
PERSONS,FIRMS,COMPANIES OR ORGANIZATION.
EXAMPLE:M.N SAPRE,BANK OF MAHARASHTRA,
rules for debiting or crediting:
Personal a/c
Debit the receiver.
Credit the giver.
[2]REAL ACCOUNTS)IN SOME ACCOUNTS,BALANCRS OUTSTANDING ARE
NOT CLOSED FROM YEARS TO YEAR,AND ARE CARRIED FOEWARD TO
NEXT ACCOUNTING YEARS.
EXAMPLE:BUILDING A/C,FURNITURE A/C, CASH A/C,
rule:Real a/c
debit what comes in.
credit what goes out.
[3]:NOMINAL ACCOUNTS:accounts related ti expenses and gains
in the firm are known as nominal accounts.
rule:debit the expenses.
credit the gains.
following are examples of nominal accounts.
sales accounts, purchases accounts,salaries accounts,
telephone accounts.

Answer / roselle

accounting principles:

1.hitorical cost.

2.revenue regognition.

3.matching principles.

4. full disclosure.

Answer / daa&

Accounting Principal are those set of standard that is use
by the accountant worldwide while recording accounting
transaction.
Principals divide into two parts.
1- Accounting Concept
2-acounting convension

Answer / rahul kumar srivastava

General rules and concepts that governs the field of accounting are called accounting principles...
...as such we've Generally Accepted Accounting Principles i.e
GAAP which consists of 3 important set of rules:
1.The basic accounting principles & guidelines,
2.Rules and standards issued by Financial Accounting Standards Board (FASB)and,
3.Generally accepted industry practices.
....Hence the definitions and conventions established and fixed by the combined workings of these three sets of rules under the name of GAAP constitutes the ACCOUNTING PRINCIPLES.

Answer / safeer

THIS ARE 100% CORRECT PRINCIPLES

REAL A/C
DEBIT : WHAT COMS IN
CREDIT: WHAT GOS OUT

PERSONAL A/C
DEBI : THE RECEVER
CREDIT : THE GIVER

NOMINAL :
DEBIT : ALL EXPENCE & LOSS
CREDIT: ALL INCOMS & GAINS

Answer / khumanshu dharmani

ACCONTING PRINCIPLES ARE LIKE LAWS THAT ARE MADE BY IRTERNATIONAL ACOOUNTING STANDARDS TO BE USE IN BUSSINESS SO THAT ALL TRANSACTION ARE RECORDS ARE KEPT CLEAR AND FAIR

Answer / mas dhruv sharma

accounting principles

R three types

1 personal"debit the resivers
cridet the giver
2 real " debit wht comesin, cridet wht goes out
3 nomial " debitallexpenesandloss cridetallincomeandgain

Answer / pritish

ACCOUNTING PRINCIPLES ARE THREE TYPES:-
PERSONAL A/C:-DEBIT THE RECEIVER AND,CREDIT THE GIVER.
REAL A/C:-DEBIT WHATS COMES IN AND,CREDIT WHAT GOES OUT
NOMINAL A/C:-DEBIT ALL EXPENSES AND LOSSES,AND CREDIT ALL
INCOME AND GAINS.ALL IZZ WELL

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