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What are accounting Principles?
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Answer Posted / anubhav
Accounting Principles are:
Personal Account: Debit the Receiver and
Credit the Giver.
eg. Bank a/c, Capital a/c, Outstanding Expenses/ Incomes.
Property /Real Account: Debit what Comes In and
Credit what Goes Out.
eg. Purchase a/c, B/R a/c, Patent a/c, Cash a/c.
Nominal Account: Debit all Expenses and Losses and
Credit all Gains and Incomes
eg. Salary a/c,Stationery a/c,Depreciation a/c,Interest a/c.
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