Follow Our FB Page << CircleMedia.in >> for Daily Laughter. We Post Funny, Viral, Comedy Videos, Memes, Vines...


What are accounting Principles?

Answers were Sorted based on User's Feedback



What are accounting Principles?..

Answer / seema gupta

principles of accounting;-
1) personnel account - debit the receiver & credit the giver
2)Real account - Debit whats comes in 7 credit what goes out
3)nominal account - Debit all expenses &losses and credit all gains & income

Is This Answer Correct ?    1 Yes 0 No

What are accounting Principles?..

Answer / gururaja holla.r

(A)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

It is to be noted that there are 3 Fundamental Accounting
Assuptions which underlie the preparation and presentation
of financial statements.

(B) These are
(a)Going concern :- The enterprise continuing its operation
for forseeable future.Enterprise has neithar the intention
nor necessity of liquidation or curtailing materially the
sacale of operation.
(b) Consistency:-It is assumed that accounting policies are
consistent from one period to another.
(c) Accrual:-Revenues and costs are accrued, that is,
recognised as they are earned and incurred and not as money
recived and paid.

ANSWER TO THE QUESTION IS (A) ABOVE AND NOT (B) AS
MENTIONED BY FEW IN THE ABOVE DICUSSION.

Is This Answer Correct ?    1 Yes 0 No

What are accounting Principles?..

Answer / rohit chauhan

he rules and guidelines that companies must follow when
reporting financial data. The common set of accounting
principles is the generally accepted accounting principles
(GAAP). account are classified according to thier
nature,based on which debiting and crediting principles
apply to them.
ther are three types of principle of accounts.
1 personal accounts.
2 real accounts.
3 nominal accounts.
[1](PERSONAL ACCOUNTS)
PERSONAL ACCOUNTS ARE OPENED IN NAMES OF INDIVIUAL
PERSONS,FIRMS,COMPANIES OR ORGANIZATION.
EXAMPLE:M.N SAPRE,BANK OF MAHARASHTRA,
rules for debiting or crediting:
Personal a/c
Debit the receiver.
Credit the giver.
[2]REAL ACCOUNTS)IN SOME ACCOUNTS,BALANCRS OUTSTANDING ARE
NOT CLOSED FROM YEARS TO YEAR,AND ARE CARRIED FOEWARD TO
NEXT ACCOUNTING YEARS.
EXAMPLE:BUILDING A/C,FURNITURE A/C, CASH A/C,
rule:Real a/c
debit what comes in.
credit what goes out.
[3]:NOMINAL ACCOUNTS:accounts related ti expenses and gains
in the firm are known as nominal accounts.
rule:debit the expenses.
credit the gains.
following are examples of nominal accounts.
sales accounts, purchases accounts,salaries accounts,
telephone accounts.

Is This Answer Correct ?    1 Yes 0 No

What are accounting Principles?..

Answer / roselle

accounting principles:

1.hitorical cost.

2.revenue regognition.

3.matching principles.

4. full disclosure.

Is This Answer Correct ?    1 Yes 0 No

What are accounting Principles?..

Answer / daa&

Accounting Principal are those set of standard that is use
by the accountant worldwide while recording accounting
transaction.
Principals divide into two parts.
1- Accounting Concept
2-acounting convension

Is This Answer Correct ?    1 Yes 0 No

What are accounting Principles?..

Answer / rahul kumar srivastava

General rules and concepts that governs the field of accounting are called accounting principles...
...as such we've Generally Accepted Accounting Principles i.e
GAAP which consists of 3 important set of rules:
1.The basic accounting principles & guidelines,
2.Rules and standards issued by Financial Accounting Standards Board (FASB)and,
3.Generally accepted industry practices.
....Hence the definitions and conventions established and fixed by the combined workings of these three sets of rules under the name of GAAP constitutes the ACCOUNTING PRINCIPLES.

Is This Answer Correct ?    1 Yes 0 No

What are accounting Principles?..

Answer / safeer

THIS ARE 100% CORRECT PRINCIPLES

REAL A/C
DEBIT : WHAT COMS IN
CREDIT: WHAT GOS OUT

PERSONAL A/C
DEBI : THE RECEVER
CREDIT : THE GIVER

NOMINAL :
DEBIT : ALL EXPENCE & LOSS
CREDIT: ALL INCOMS & GAINS

Is This Answer Correct ?    22 Yes 22 No

What are accounting Principles?..

Answer / khumanshu dharmani

ACCONTING PRINCIPLES ARE LIKE LAWS THAT ARE MADE BY IRTERNATIONAL ACOOUNTING STANDARDS TO BE USE IN BUSSINESS SO THAT ALL TRANSACTION ARE RECORDS ARE KEPT CLEAR AND FAIR

Is This Answer Correct ?    1 Yes 1 No

What are accounting Principles?..

Answer / mas dhruv sharma

accounting principles

R three types

1 personal"debit the resivers
cridet the giver
2 real " debit wht comesin, cridet wht goes out
3 nomial " debitallexpenesandloss cridetallincomeandgain

Is This Answer Correct ?    2 Yes 2 No

What are accounting Principles?..

Answer / pritish

ACCOUNTING PRINCIPLES ARE THREE TYPES:-
PERSONAL A/C:-DEBIT THE RECEIVER AND,CREDIT THE GIVER.
REAL A/C:-DEBIT WHATS COMES IN AND,CREDIT WHAT GOES OUT
NOMINAL A/C:-DEBIT ALL EXPENSES AND LOSSES,AND CREDIT ALL
INCOME AND GAINS.ALL IZZ WELL

Is This Answer Correct ?    1 Yes 1 No

Post New Answer



More Banking Finance Interview Questions

What is a probation period?

0 Answers   State Bank Of India SBI,


Explain a fixed interest investment

0 Answers  


What is RTGS System?

1 Answers  


What Is Cd (certificate Of Deposits) Account?

0 Answers  


What Is Ppf?

0 Answers  






What is the difference between micro finance and micro credit?

0 Answers  


what is the internal rate of return(IRR) of eurekaforbes?

2 Answers   Eureka Forbes,


What is the difference between balance sheet and the income statement?

0 Answers   BlackRock,


What is kcc and in which year was it introduced?

0 Answers  


hi im vinuta, i want to know the meaning of liquidity? i know that it means converting the assets into cash, but i want to know something more than that, so kindly help me?

4 Answers  


What are some of the objectives of LIC?

0 Answers   LIC,


What Are Irredeemable Debentures.?

0 Answers   Joint Stock Company,






Categories
  • Business Administration Interview Questions Business Administration (517)
  • Marketing Sales Interview Questions Marketing Sales (1279)
  • Banking Finance Interview Questions Banking Finance (3208)
  • Human Resources Interview Questions Human Resources (745)
  • Personnel Management Interview Questions Personnel Management (68)
  • Hotel Management Interview Questions Hotel Management (29)
  • Industrial Management Interview Questions Industrial Management (111)
  • Infrastructure Management Interview Questions Infrastructure Management (14)
  • IT Management Interview Questions IT Management (97)
  • Supply Chain Management Interview Questions Supply Chain Management (15)
  • Operations Management Interview Questions Operations Management (39)
  • Funding Interview Questions Funding (79)
  • Insurance Interview Questions Insurance (494)
  • Waste Management Interview Questions Waste Management (1)
  • Labor Management Interview Questions Labor Management (48)
  • Non Technical Interview Questions Non Technical (73)
  • Business Management AllOther Interview Questions Business Management AllOther (546)