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What are accounting Principles?
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Answer Posted / sadanandam
There are 3 accounting principle
Real account:debit what comes in and credit what goes out
Eg: machinery a/c dr
To cash a/c
(Being machinery purchased by cash)
purchases a/c dr
To cash a/c
Nominal account:debit all expenses credit all incomes
Eg: salaries a/c dr
To cash a/c
(Being salaries paid by cash)
cash a/c dr
To sales a/c
personal account:debit the receiver and credit the giver
Eg: Raj a/c Dr
To cash a/c
(Being cash paid)
cash a/c dr
To shubash a/c
(Being cash received from shubash)
| Is This Answer Correct ? | 139 Yes | 78 No |
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