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What are accounting Principles?
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Answer Posted / raja
Accounting Principles can be classified in two categories
(1)Accounting concepts
(2)Accounting conventions
Three types of accounts namely ,
Personal accounts:
Debit the receiver
credit the giver
{Ex:Natural person's Personal account,Artificial Person's Personal Account,Representative Persons' Personal Account}
Real Account (property account):
Debit: what comes in
Credit what goes out
{Ex:Tangible Real Accounts,Intangible Real Accounts}
Nominal Account:
Debit:All expenses and loses
Credit all incomes and gains
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