what are the diffrances between rules of accounting &
principal of account?
Answers were Sorted based on User's Feedback
Answer / ranjan gupta
Rules of Accounting determine the methods of maintaining
accounting records based on accounting principles i.e. Debit
the receiver and credit the giver,Debit what comes in &
credit what goes out,debit Asset & credit Liabilities.
Fundamentals of Accounts are integral to accounts maintenance.
Whereas "Principal of Account" is person or person's
authorised by the business entity in terms of their policy
of Accounting to be followed.
Is This Answer Correct ? | 7 Yes | 1 No |
Answer / 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.
Is This Answer Correct ? | 5 Yes | 0 No |
difition of reserve & surplus
which will be the assessement year for2010-11.
What account payable entry
what is the journal entry for : cheque received from Mr A and sent for collection.
if my company Purchases a raw material from other trading company and paid that amount by trading company owner account this case ? how to entry are reported?
What is fiduciary accounting?
in year end Balance sheet current liabilities is showing negative balance of re.-1/- how to write off the negative figure? pls help..
Do you know public accounting?
What is accounting transaction?
what is differnce between Investment banker and intvestment manager????
define accounting?
WHAT IS THE MEANING OF R.T.G.S USING IN A BANK.