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What are accounting Principles?
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Answer Posted / gururaja holla.r
(A)There are 3 types of accounting principals
1. personnel accoumt:- debit the receiver and credit the
giver,
2. real account:- debit what comes in and credit what goes
out.
3. nominal account:- debit all expenses and losses and
credit all gains and incomes
It is to be noted that there are 3 Fundamental Accounting
Assuptions which underlie the preparation and presentation
of financial statements.
(B) These are
(a)Going concern :- The enterprise continuing its operation
for forseeable future.Enterprise has neithar the intention
nor necessity of liquidation or curtailing materially the
sacale of operation.
(b) Consistency:-It is assumed that accounting policies are
consistent from one period to another.
(c) Accrual:-Revenues and costs are accrued, that is,
recognised as they are earned and incurred and not as money
recived and paid.
ANSWER TO THE QUESTION IS (A) ABOVE AND NOT (B) AS
MENTIONED BY FEW IN THE ABOVE DICUSSION.
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