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What are the accounting principles or concepts.Expalin briefly.
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Answer / chocolate
The fundamental accounting concepts are: the going concern
concept, the accrual or matching concept, the prudence or
conservatism concept, the consistency concept. And other
concepts are the historical cost concept, the money
measurement concept, the realisation concept, the
materiality concept and the periodicity concept.
| Is This Answer Correct ? | 33 Yes | 3 No |
Answer / s.v.ramana
1.Personal Accounts:
Debit the receiver, Credit the giver
eg. Rama a/c, SBI a/c, Shri & Co, a/c
2.Real Accounts (Assets Account):
Debit what comes in, Credit what goes out
eg. Furniture, Machinery etc.
3.Nominal Accounts :
Expences & losess should be Debit, Profits & Gains should
be Credit
eg. Rent a/c, Interest Received
| Is This Answer Correct ? | 38 Yes | 13 No |
Answer / vikram singh
Those rules and set languages which are imortant to prepare
the accounting statements are called accounting principals.
accounting principals are accepted by all over the world as
a general guidlines for preparing the accounting
statements. THESE ARE ALSO CALLED (GAAP) GENERAL ACCEPTED
ACCOUNTING PRINCIPALS. Example;business entity
cencept,going concern concept.money measurment concept.
| Is This Answer Correct ? | 16 Yes | 3 No |
Answer / mohammed enayath ali ( hyd)
Accounting concepts:
1)Separate entity concept
2)Going concern concept
3)Cost concept
4)Dual aspect concept
5)Accounting period concept
6)Periodic matching of cost and revenue concept
7)Realization concept
| Is This Answer Correct ? | 9 Yes | 2 No |
Answer / siphesihle lusenga
gaap principles are practises that the business es
everywhere must comply with so that all can be done
ethically and profe4ssionally within the business.here are
some of the gaap principles PRUDENCE,CONSISTENCY,GOING
CONCERN,SEPERATE ENTITY,MATCHING
CONCEPT,MATERIALITY.HISTORICAL COST
| Is This Answer Correct ? | 5 Yes | 1 No |
Answer / arun prasath
Personal Account, Real Account& Nominal Account
| Is This Answer Correct ? | 16 Yes | 18 No |
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