what are the diffrances between rules of accounting &
principal of account?
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Answer Posted / ranjan gupta
Rules of Accounting determine the methods of maintaining
accounting records based on accounting principles i.e. Debit
the receiver and credit the giver,Debit what comes in &
credit what goes out,debit Asset & credit Liabilities.
Fundamentals of Accounts are integral to accounts maintenance.
Whereas "Principal of Account" is person or person's
authorised by the business entity in terms of their policy
of Accounting to be followed.
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