what are athe accounting principles?

Question Posted / moin

4 Answers
6468 Views
I also Faced
E-Mail Answers

Answers were Sorted based on User's Feedback

what are athe accounting principles?..

Answer / aditya srivastava

1)PERSONAL ACCOUNT

Debit the receiver.
Credit the giver.

2)REAL ACCOUNT

Debit wat comes in.
Credit wat goes out.

3)NOMINAL ACCOUNTS

Debit all expenses and losses.
Credit all incomes and gains.

Is This Answer Correct ?

8 Yes

3 No

what are athe accounting principles?..

Answer / hr sreepada bhagi

The question is about Accounting Principles and not about
Debit-Credit rules for the three types of accounts mentioned
above.

principles of Accounting refers to the basic or fundamental
concepts & conventions for recording the transactions and
reporting. These Principles are broadly divided in to A)
Concepts & B)Conventions.

A few examples of Accounting Concepts are - 1.Business
Entity, 2.Accounting Period, 3.Money Measurement, 4.Accrual
(Matching), 5.Materiality, etc. and Conventions like
1.Consistency, 2.Consistency, etc. (This list is incomplete
& without explanation)

For detailed knowledge, refer Book on Accounting Principles
or Fundamentals of Accounting or Advanced Accountancy

Is This Answer Correct ?

6 Yes

2 No

what are athe accounting principles?..

Answer / sudhansu

basic principies of accounting are
1.revenue recognition principle
2.historical cost principle
3.matching principle
4.full discloser principle
5.objectivity principle

Is This Answer Correct ?

1 Yes

0 No

what are athe accounting principles?..

Answer / moin

There are 3 types of accounting principles.

1) PERSONAL ACCOUNT
Debit the Receiver
Credit the Giver

2) REAL ACCOUNT
debit what goes out
Credit what comes in

3) NOMINAL ACCOUNT
Debit all expenses and losses
Credit all gains and incomes

Is This Answer Correct ?

4 Yes

11 No

Post New Answer

More Accounting AllOther Interview Questions

One bill how calculate vat & Service tax

2 Answers

what are the reasons to hold invoice fof payment?

2 Answers IBM,

Which Exchange determine Foreign Exchange/Currency Rate?

0 Answers

There is any new golden rule added with remain three? Why bank credited our all deposited?