What are accounting Principles?




Answers were Sorted based on User's Feedback



Answer / sirisha

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

Is This Answer Correct ?    2476 Yes 357 No

Answer / swathi

Accounting Principles are:

Personal Account: Debit the Receiver and
Credit the Giver.

Real Account: Debit what Comes In and
Credit what Goes Out.

Nominal Account: Debit all Expenses and Losses and
Credit all Gains and Incomes

Is This Answer Correct ?    794 Yes 198 No

Answer / santosh

Accounting Principles are:

Nominal Accounting: Debit all Expenses and Losses and
Credit all Gains and Incomes

Personal Accounting:Debit the Receiver and Credit the
Giver,

Real Accounting:Debit what Comes In and Credit what Goes
Out.

Is This Answer Correct ?    741 Yes 230 No




Answer / shruti

accounting is treated by some expert as science.science is
based on certain laws n principles. so accounting
principles are some rules or norms of accounting, on which
whole accounting is based.
ex. of accounting principles are business entity concept,
money measurement concept, cost concept, double entry
concept etc

Is This Answer Correct ?    636 Yes 240 No

Answer / ruchi singh

Accounting Principal are those set of standard that is use
by the accountant worldwide while recording accounting
transaction.
Principals divide into two parts.
1- Accounting Concept
2-acounting convension

Is This Answer Correct ?    577 Yes 209 No

Answer / potenaik

accounting principles
personal accounting:this account belongs all persons,banks

Debit:debit the receiver
credit:credit the giver
real account:this account belongs to all assets

debit:debit what comes in
credit: cridit what goes out
nominal account:this account belongs to all incomes and
expendature

debit: debit all expenses and lossess
credit : credit all incomes and gains

Is This Answer Correct ?    499 Yes 174 No

Answer / mandar

Accounting Principles are classified into two categories
A) Accounting concepts
B) Accounting Conventions

A) Accounting concepts
1)Business entity concept - business is separet entity from
owner
2)Dual Aspect concept - Liabilities = Assets (dr = cr)
3)Going concern concept - business is going to be in
existence for an indefinitely long time.
4)Accounting period concept - Indefinite long period is
divided into short span for accounting purpose.
5)Cost concept - cost of aquisition of assets is considered
for accounting (considering depriciation) and not current
price of assets.
6)Money measurement concept - only facts which can be
measured in money find place in accounting.
7)Matching concept - expences and costs incurred during
period whether paid or not must match the revenue for that
particular period.

B)Accounting Conventions
1) Convention of conservation
2)Convention of Materiality
3)Convention of Consistency

Is This Answer Correct ?    286 Yes 38 No

Answer / gopi kanth

Personal,Real,Nominal are not principles of accounts.
They are types of accounts are called golden rules.

As per Accounting standard 1 following are principles of
accounts basically on which financial statements are
prepared.
1.Going concern.
2.Accuracy.
3.Consistancy.

Is This Answer Correct ?    370 Yes 150 No

Answer / aman

there are three types of accounting principles available:-
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

Is This Answer Correct ?    249 Yes 83 No

Answer / hemant mittal

Accounting Principles are classified into two categories
A) Accounting concepts
B) Accounting Conventions

A) Accounting concepts
1)Business entity concept - business is separet entity from
owner
2)Dual Aspect concept - Liabilities = Assets (dr = cr)
3)Going concern concept - business is going to be in
existence for an indefinitely long time.
4)Accounting period concept - Indefinite long period is
divided into short span for accounting purpose.
5)Cost concept - cost of aquisition of assets is considered
for accounting (considering depriciation) and not current
price of assets.
6)Money measurement concept - only facts which can be
measured in money find place in accounting.
7)Matching concept - expences and costs incurred during
period whether paid or not must match the revenue for that
particular period.

B)Accounting Conventions
1) Convention of conservation
2)Convention of Materiality
3)Convention of Consistency

Is This Answer Correct ?    187 Yes 36 No

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