what are the diffrances between rules of accounting &
principal of account?
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Answer Posted / h.r. sreepada bhagi
Rules of Accounting are related to debit & credit for all
business transactions by categorising them as Personal A/c,
Real A/c & Nominal A/c - These rules ar called golden rules
of Accounting.
There's nothing called principal of account, but there are
'Principles of Accounting. The fundamental concepts &
conventions for accounting are called 'Principles of
Accounting'. A few of the Concepts are 1)Business Entity,
2)Matching, 3)Accounting Period, 4)Money Measurement, 5)
Cost, 6)Accrual, 7)Materiality, 8)Dual Aspect. A few of the
conventions are 1)Conservatism, 2)Consistency.
For more info refer book on Principles of Accounting or
Fundamentals of Accounting.
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