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What are accounting Principles?

Answers were Sorted based on User's Feedback



What are accounting Principles?..

Answer / madhav rao

Accounting principles are basically the general rules and
guidelines that every firm has to follow while preparing
their accounts.The principles are :
a) Consistency
b) Materiality
c) Dual aspect
d) Conservatism
e) Reliability

Is This Answer Correct ?    210 Yes 70 No

What are accounting Principles?..

Answer / swapna

There are three types of Accounting principles:
1.Real Account
2.Nominal Account
3.Personal Account

Real Account:Debit what comes in credit what goes out.

Nominal Account:Debit all Expenses and Losses and
Credit all Gains and Incomes
Personal Account:debit the receiver
credit the giver

Is This Answer Correct ?    165 Yes 69 No

What are accounting Principles?..

Answer / prince

Accounting Principals:

Personal Account:Debit the receiver
Credit the giver
(accounts recording transactions with person)

Real Account : Debit what comes in
Credit what goes out
(It is relating to tangible things like

goods, cash,Buildings,Bills Receivable)
Nominal Account : Debit expenses and losess
Credit incomes and gains
(It is relate to the losses, gains,
expenses and incomes like rent salaries
Bad debts.....)

Is This Answer Correct ?    130 Yes 47 No

What are accounting Principles?..

Answer / s geetha

Personal A/c
1) Debit the Receiver
2) Credit the Give
Real A/c
1) Debit what Comes in
2) Credit What Goes out
Nominal A/c
1) Debit all the Expenses and Loss
2) Credit all the Income and Gain

Is This Answer Correct ?    116 Yes 40 No

What are accounting Principles?..

Answer / sadanandam

There are 3 accounting principle
Real account:debit what comes in and credit what goes out
Eg: machinery a/c dr
To cash a/c
(Being machinery purchased by cash)
purchases a/c dr
To cash a/c
Nominal account:debit all expenses credit all incomes
Eg: salaries a/c dr
To cash a/c
(Being salaries paid by cash)
cash a/c dr
To sales a/c
personal account:debit the receiver and credit the giver
Eg: Raj a/c Dr
To cash a/c
(Being cash paid)
cash a/c dr
To shubash a/c
(Being cash received from shubash)

Is This Answer Correct ?    139 Yes 78 No

What are accounting Principles?..

Answer / safora

The general decision rules which govern the development of
accounting techniques.these principles guide how
transactions should be recorded and reported.
accounting principles includes accounting concepts and
accounting conventions.
Under accounting concepts comes separate entity,going
concern,money measurement,cost dual aspect,accounting
period matching concept,realisition
Under accounting conventions comes conservatism,full
disclosure,consistency,materiality.

Is This Answer Correct ?    92 Yes 39 No

What are accounting Principles?..

Answer / shoukatali

Persnol A/c
debit the receiver and the cerdit the giver
Real A/c
debit what comes in and cerdit what goes out
nominal A/c
debit all expenses and losses and cerdit all incomes and
revenues

Is This Answer Correct ?    93 Yes 48 No

What are accounting Principles?..

Answer / komal

accounting principals are uniform set of rules or
guidelines developed to enshure uniformity and easy
understanding of of the accounting information.
types of accounting principals
1.accounting of concept
2.accounting of convention.

*accounting of concept;
1business entity concept
2money measurement concept
3going concern concept
4accounting period concept
5cost concept
6dual aspect concept
7revenur recognisation concept
8matching concept
9accrual concept
10objective concept

accounting of convention;
1convention of full disclosure
2convention of meterariality
3convention of conservatism
4convention of consistency

Is This Answer Correct ?    30 Yes 2 No

What are accounting Principles?..

Answer / vishnu

Accounting principles are:

1. Going concern
2. Dual aspect
3. Accrual basis and
4. Consistency

Is This Answer Correct ?    402 Yes 380 No

What are accounting Principles?..

Answer / srinibas pattnaik

The basic princples of accounting are method of accounting
and rules of accounting .Accounting Principles devided into
two types.
A)concepts & B)conventions

A)conepts.

1.Entity concept.
2.Going concern concept.
3.Cost cocept.
4.Realization concept.
5.Accounting period concept.
6.Dual aspect concept.
7.Money measurement concept.
8.Matching concept.
9.Materiality concept.


B)conventions.

1.Relevance convention
2.Objectivity convention
3.Feasibility convention

Is This Answer Correct ?    37 Yes 18 No

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