What are accounting Principles?
- 152 Answers
- 296676 Views
- Accounting, Banking, Eskom, EXL, Finance, Fluor Daniel, Genpact, HSBC, IBM, Infosys, JPMorgan Chase, State Bank Of India SBI, Syntel, Vibha Seeds, Wipro, Wrox, I also Faced
- E-Mail Answers
Answer Posted / raja
Accounting Principles can be classified in two categories
(1)Accounting concepts
(2)Accounting conventions
Three types of accounts namely ,
Personal accounts:
Debit the receiver
credit the giver
{Ex:Natural person's Personal account,Artificial Person's Personal Account,Representative Persons' Personal Account}
Real Account (property account):
Debit: what comes in
Credit what goes out
{Ex:Tangible Real Accounts,Intangible Real Accounts}
Nominal Account:
Debit:All expenses and loses
Credit all incomes and gains
| Is This Answer Correct ? | 0 Yes | 0 No |
Post New Answer View All Answers
Tell me something about icfai?
What is the Largest Private sector bank of India?
What is the Difference between public sector and private sector banks?
What is another term for investment banking division?
Do you know about RBI key monetary policy rates and their current values?
What is 'hundi'?
Explain different types of bank loans?
What is NEFT?
What are the indicators of good shgs (self help groups)?
What Is The Difference Between Cost And Expense?
What major factors drive M&A? What are the major factors driving M&A in your sector? How do you see them evolving in the next year?
Explain the Bulls and Bears?
What is the Full form of RTGS and what are the features and benefits?
Who are current Miss India, Miss World, Miss Universe etc.?
What Are Derivatives?
