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What are accounting Principles?
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Answer Posted / p. srikar
An account is a summary of record of all the transcations
releating to a Person, Asset, Expences are gain. It is 2
sides the Left hand side called Debit and Right hand side
called Credit. Accounting is a bradly classfice in to 3
types. These are..
1) Personal Account :- This accounts of Persons with whom a
concern carries on business personal account may be
a) Account of Natural persons such as Ramakrishna,
Kishore etc..
b) Account of Artifical persons are a Group of Bodies
Such a Bankers, Universal trading co. etc..
c) Represenative personal a/c. such as Salaries, Prepaid
Insurance etc..
2) Real Account :- This accounts releating to Properties
are Assets of a Trader known as Real a/c. It's include
Tangable Assets. Eg. Building, Furniture.. Intigable Assets
Good will, Petent..
3) Nominal Account:- Account dealing with Expenses, Losses
and Gains, Incomes. Eg. Salaries Rent etc
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