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what are the diffrances between rules of accounting &
principal of account?
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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 |
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