Answer / m rajesh

Accounting principles classified in to to three types

personal A/c : Debit the receiver credit the giver

Real A/c : Debit what comes in credit was goes out.

Nominal A/c : Debit all expences and loses, and credit
all income and gain.

Answer / shaik

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.

Answer / manisha sahu

accounting principle are man made.These are suggestions
based on practical experience of accountant.It developed to
ensure uniformity and understandadability.

Answer / jagrati

Personal a/c, Real a/c and Nominal a/c are the types of
accounts and these are used as a rules of accounting but
not are the principles of accounting.

Accounting Principles are:
1. Principle of Going concern
2. Principle of Dual aspect
3. Principle of Accrual basis and
4. Principle of Consistency
5. Principle of Prudence or conservatism etc.

Answer / shyam manoj kumar

Accounting Principles:

Basically there are three accounting principle

1)Personal Accounting
2)Real Accounting
3)Nominal Accounting

Personal Account:Debit the received,credit the giver

Real Accounting: Debit what comes in,credit what goes out

Nominal Accounting :Debit all losses and expenses credit
all gains and incomes

Answer / guest

personel a/c:debit the reciever,credit the giver
real a/c :debit wht comes in, credit what goes out
nominal a/c :debit all expences and losses,cedit all income
and gains

Answer / dinesh jain

Accounting Principal as like Science who is treat the
Business as like Science Principal .Accounting Principal
Give to Business A power than business Run As like a
aroplan .Accouting Pricipal Debit & Credit System.

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.

Answer / lavanya

Books, ex. Daybook, bank
book, purchase sales account and vouchers. regular invertory
process

Answer / althaf ahmed

Maintaining the complete records in procedure for the
financial year.

Answer / devendra verma

1:- basic assumptions or concepts
2:- basic principles
3:- modifying principles

thats end

Who are venture capitalists?

0 Answers   IBPS,

How can you copy text from Tally

0 Answers  

what is the difference between real money & nominal money?

3 Answers   SafariCom,

What are the advantages of ratio analysis?

0 Answers  

What is the difference between Partnership and Company ?

0 Answers   Syndicate Bank,

Tell me about your Family background

0 Answers   Essar, HPCL, Hughes Systique Corporation,

What is the minimum and the maximum period for the fix deposit?

0 Answers   IBPS,

what is exotic option?? and what do you mean by plain vanilla option?

1 Answers  

Explain About Openpages Internal Audit Management?

0 Answers   IBM,

What Is The 2016 Eu-wide Stress Test About?

0 Answers  

What is PLR?

1 Answers  

What is 'fixed deposit account'?

0 Answers