Answer Posted / hr sreepada bhagi
The question is about Accounting Principles and not about
Debit-Credit rules for the three types of accounts mentioned
above.
principles of Accounting refers to the basic or fundamental
concepts & conventions for recording the transactions and
reporting. These Principles are broadly divided in to A)
Concepts & B)Conventions.
A few examples of Accounting Concepts are - 1.Business
Entity, 2.Accounting Period, 3.Money Measurement, 4.Accrual
(Matching), 5.Materiality, etc. and Conventions like
1.Consistency, 2.Consistency, etc. (This list is incomplete
& without explanation)
For detailed knowledge, refer Book on Accounting Principles
or Fundamentals of Accounting or Advanced Accountancy
| Is This Answer Correct ? | 6 Yes | 2 No |
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