What are accounting Principles?
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Answer Posted / mamta sharma
Accounting principles provides base for all accounting
functions.It tells us the meaning of debit and credit in
accounting language.Mainly three types of accounts are
studied in accounts-real accounts,personal accounts and
nominal accounts.in real accounts debit is what comes and
credit is what goes out.in personal accounts debit is
receiver and credit is giver and in nominal accounts we
debit all expenses and losses and credit the all incomes.
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