Answer / randhir rout

1.Personnel Account:- Deals with person individual often
company extra.
* Debit the receiver
* Credit the giver
2.Real Account:- Real accounts are those which are tangeble
in nature an which the business owns.
* Debit what comes in
* Credit what goes out
3.Nomial Account:- These are accounts other than personel
and real includes expences, losses, incomes and gains.
* Debit all expences and losses
* Credit all incomes and gains

Answer / ajay

accounting princlples means that principles on which
accounting is based. such principles are;
1.principl of dual aspect.
2.principles of materinity.
3.historical cost principles.
4.principle of consistency
5.principles of conservetism.
6. principles of timeline.........

some person says that accounting principles are personal,
real, nominal.it is incorrect. it is the type of a/cand
golden rules of acccounting.

Answer / rakesh saha

Financial Accounting is information that must be assembled
and reported objectively. Third-parties who must rely on
such information have a right to be assured that the data
are free from bias and inconsistency, whether deliberate or
not. For this reason, financial accounting relies on certain
standards or guides that are called "Generally Accepted
Accounting Principles" (GAAP).
Principles derive from tradition, such as the concept of
matching. In any report of financial statements (audit,
compilation, review, etc.), the preparer/auditor must
indicate to the reader whether or not the information
contained within the statements complies with GAAP.
• Principle of regularity: Regularity can be defined as
conformity to enforced rules and laws.
• Principle of consistency: This principle states that when
a business has once fixed a method for the accounting
treatment of an item, it will enter all similar items that
follow in exactly the same way.
• Principle of sincerity: According to this principle, the
accounting unit should reflect in good faith the reality of
the company's financial status.
• Principle of the permanence of methods: This principle
aims at allowing the coherence and comparison of the
financial information published by the company.
• Principle of non-compensation: One should show the full
details of the financial information and not seek to
compensate a debt with an asset, a revenue with an expense,
etc. (see convention of conservatism)
• Principle of prudence: This principle aims at showing the
reality "as is": one should not try to make things look
prettier than they are. Typically, a revenue should be
recorded only when it is certain and a provision should be
entered for an expense which is probable.
• Principle of continuity: When stating financial
information, one should assume that the business will not be
interrupted. This principle mitigates the principle of
prudence: assets do not have to be accounted at their
disposable value, but it is accepted that they are at their
historical value (see depreciation and going concern).
• Principle of periodicity: Each accounting entry should be
allocated to a given period, and split accordingly if it
covers several periods. If a client pre-pays a subscription
(or lease, etc.), the given revenue should be split to the
entire time-span and not counted for entirely on the date of
the transaction.
• Principle of Full Disclosure/Materiality: All information
and values pertaining to the financial position of a
business must be disclosed in the records.
• Principle of Utmost Good Faith: All the information
regarding to the firm should be disclosed to the insurer
before the insurance policy is taken.

Answer / raj

what is the debit is debit

what is the credit is credit

just identify nature of transaction

Answer / s.praveen

accounting principles can be classified into two categories
1)accounting concepts
2 accounting conventions
accounting concepts are
i) business entity concept
ii) dual aspect concept
iii) going concern concept
iv) cost concept
v) money measurement concept
vi) accounting period concept

accounting conventions are

i) convention of consistency
ii) convention of diclosure
iii) convention of metiriality
iv) convention 0f conservatism

Answer / bindhu madhuri

accounting principles are body of
doctrines(rules,guidelines)commonly associated with the
theory and procedures of accounting serving as an
explanation of current practices and as a guide for
selection of conventions or procedures where alternative exists.

Answer / d.r. basu

The rules and convention of accounting are commonly
referred to as principles.

The following are the Accounting principles commonly
followed by a business

1.Basic Accounting concept
2.Money Measurement concept
3.The Entity Concept
4.The Going Concern Concept
5.The cost Concept &
6.The Dual-Aspect Concept

Answer / aaron

Principle of regularity: Regularity can be defined as
conformity to enforced rules and laws.
Principle of consistency: This principle states that when a
business has once fixed a method for the accounting
treatment of an item, it will enter all similar items that
follow in exactly the same way.
Principle of sincerity: According to this principle, the
accounting unit should reflect in good faith the reality of
the company's financial status.
Principle of the permanence of methods: This principle aims
at allowing the coherence and comparison of the financial
information published by the company.
Principle of non-compensation: One should show the full
details of the financial information and not seek to
compensate a debt with an asset, a revenue with an expense,
etc. (see convention of conservatism)
Principle of prudence: This principle aims at showing the
reality "as is": one should not try to make things look
prettier than they are. Typically, a revenue should be
recorded only when it is certain and a provision should be
entered for an expense which is probable.
Principle of continuity: When stating financial
information, one should assume that the business will not
be interrupted. This principle mitigates the principle of
prudence: assets do not have to be accounted at their
disposable value, but it is accepted that they are at their
historical value (see depreciation and going concern).
Principle of periodicity: Each accounting entry should be
allocated to a given period, and split accordingly if it
covers several periods. If a client pre-pays a subscription
(or lease, etc.), the given revenue should be split to the
entire time-span and not counted for entirely on the date
of the transaction.
Principle of Full Disclosure/Materiality: All information
and values pertaining to the financial position of a
business must be disclosed in the records.
Principle of Utmost Good Faith: All the information
regarding to the firm should be disclosed to the insurer
before the insurance policy is taken.

Answer / sumitra

personal a/c: Debit the receiver
Credit the giver
Real a/c: Debit what comes in
Credit what goes out
Nominal a/c: Debit all the expenses n losses
Credit all the incomes n gains

Answer / naresh

Hi All we have to remember one thing here Accounting
Principles are Concepts and Convesations,
Rules of Accountings are 1.Personal Accounts, 2.Real
Accounts, 3.Nominal Accounts
Please find out the difference between Accounting
Principles and Rules of Accounting.



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