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What are accounting Principles?

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What are accounting Principles?..

Answer / swati kumari pattnaik

Accounting principles are classified into two categories.

Accounting concepts and conventions.

Accounting concepts
1.Accounting Period Concept.
2.Business entity.
3.Cost Concept.
4.Dual Aspect.
5.Accrual Concept.
6.Going Concern Concept.
7.Money Measurement Concept.
8.Matching Concept.
9.Realization Concept.

Conventions
1.consistency.
2.full disclosure.
3.materiality.
4.conservatism.

Is This Answer Correct ?    26 Yes 11 No

What are accounting Principles?..

Answer / rahul sharma

plz close this here

Real a/c
Debit what comes in
Credit what goes out

Personal a/c
Debit the receiver
Credit the giver

Nominal a/c
Debit all expenses & losses
Credit all gains & income

Is This Answer Correct ?    34 Yes 20 No

What are accounting Principles?..

Answer / srilatha

there are 2types of accounting principles
1.acoounting conepts
2.accounting convertions

Is This Answer Correct ?    28 Yes 22 No

What are accounting Principles?..

Answer / nilesh dapke

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: satish a/c Dr
To cash a/c
(Being cash paid)
cash a/c dr
To shubash a/c
(Being cash received from Ganesh)

Is This Answer Correct ?    6 Yes 1 No

What are accounting Principles?..

Answer / dinesh singh

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 ?    5 Yes 0 No

What are accounting Principles?..

Answer / b.narasimha rao

accounting principles are two types

1. accounting concepts

2.accounting conventions

Is This Answer Correct ?    5 Yes 0 No

What are accounting Principles?..

Answer / pallavi arun jadhav.

There are three types of accounting principles which are as
follows :-

1) PERSONAL ACCOUNTS
Debit the receiver,
Credit the giver.


2) REAL ACCOUNTS
Debit what comes in,
Credit what goes out,


3) NOMINAL ACCOUNTS
Debit all expences and losses,
Credit all income and gains.

Is This Answer Correct ?    5 Yes 0 No

What are accounting Principles?..

Answer / kiran

ACCOUNTING PRINCIPLES ARE THOSE GENERALLY
ACCEPTED GUIDELINES WHICH FORM A BASE FOR PREPARATION AND
USAGE OF ACCOUNTING INFORMATION.IT IS MAINLY DIVIDED INTO
1. ACCOUNTING CONCEPTS & ASSUMPTIONS
2. ACCOUNTING PRINCIPLES
3. MODIFYING PRINCIPLES

Is This Answer Correct ?    17 Yes 13 No

What are accounting Principles?..

Answer / p. srikar

An account is a summary of record of all the transcations
releating to a Person, Asset, Expences are gain. It is 2
sides the Left hand side called Debit and Right hand side
called Credit. Accounting is a bradly classfice in to 3
types. These are..
1) Personal Account :- This accounts of Persons with whom a
concern carries on business personal account may be
a) Account of Natural persons such as Ramakrishna,
Kishore etc..
b) Account of Artifical persons are a Group of Bodies
Such a Bankers, Universal trading co. etc..
c) Represenative personal a/c. such as Salaries, Prepaid
Insurance etc..
2) Real Account :- This accounts releating to Properties
are Assets of a Trader known as Real a/c. It's include
Tangable Assets. Eg. Building, Furniture.. Intigable Assets
Good will, Petent..
3) Nominal Account:- Account dealing with Expenses, Losses
and Gains, Incomes. Eg. Salaries Rent etc

Is This Answer Correct ?    4 Yes 0 No

What are accounting Principles?..

Answer / sindhu

accouting concepts are:
1.accounting concepts
2.accounting conventions

Is This Answer Correct ?    4 Yes 0 No

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