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Thursday, September 30, 2010

acconting principles



  Re: What are accounting Principles?
Answer
# 1
Maintaining the Basic Accounting Books, ex. Daybook, bank
book, purchase sales account and vouchers. regular invertory
process
 
Is This Answer Correct ?    486 Yes 610 No
Karthik
 

  Re: What are accounting Principles?
Answer
# 2
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
 
Is This Answer Correct ?    1455 Yes 218 No
Sirisha
 
 
 

  Re: What are accounting Principles?
Answer
# 3
accounting is treated by some expert as science.science is 
based on certain laws n principles. so accounting 
principles are some rules or norms of accounting, on which 
whole accounting is based. 
ex. of accounting principles are business entity concept, 
money measurement concept, cost concept, double entry 
concept etc
 
Is This Answer Correct ?    417 Yes 152 No
Shruti
 

  Re: What are accounting Principles?
Answer
# 4
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 ?    359 Yes 135 No
Ruchi Singh
 

  Re: What are accounting Principles?
Answer
# 5
Accounting Principles are:

Nominal Accounting: Debit all Expenses and Losses and 
Credit all Gains and Incomes

Personal Accounting:Debit the Receiver and Credit the 
Giver, 

Real Accounting:Debit what Comes In and Credit what Goes 
Out.
 
Is This Answer Correct ?    447 Yes 152 No
Santosh
 

  Re: What are accounting Principles?
Answer
# 6
Accounting Principles are:

Personal Account: Debit the Receiver and
                  Credit the Giver.

Real Account:    Debit what Comes In and 
                  Credit what Goes Out.

Nominal Account: Debit all Expenses and Losses and 
                 Credit all Gains and Incomes
 
Is This Answer Correct ?    493 Yes 127 No
Swathi
 

  Re: What are accounting Principles?
Answer
# 7
Accounting principles are:

1. Going concern
2. Dual aspect
3. Accrual basis and
4. Consistency
 
Is This Answer Correct ?    247 Yes 258 No
Vishnu
 

  Re: What are accounting Principles?
Answer
# 8
accounting principles
  personal accounting:this account belongs all persons,banks
    
   Debit:debit the receiver
   credit:credit the giver
real account:this account belongs to all assets 
   
    debit:debit what comes in
    credit: cridit what goes out
nominal account:this account belongs to all incomes and 
expendature

     debit: debit all expenses and lossess
     credit : credit all incomes and gains
 
Is This Answer Correct ?    312 Yes 113 No
Potenaik
 

  Re: What are accounting Principles?
Answer
# 9
Personal,Real,Nominal are not principles of accounts.
They are types of accounts are called golden rules.

As per Accounting standard 1 following are principles of 
accounts basically on which financial statements are 
prepared.
1.Going concern.
2.Accuracy.
3.Consistancy.
 
Is This Answer Correct ?    226 Yes 100 No
Gopi Kanth
 

  Re: What are accounting Principles?
Answer
# 10
maintaining the accounts 
eg:daybook,bankbook,salesandpurchase account,etc   there 
are types of accounts 1.personial:debit recieves credit 
gives                                                 
2.real:debit comes out credit goves 
out                                                      
3.nominal:debit expenditure,loss credit 
profit
 
Is This Answer Correct ?    96 Yes 160 No
Ahamed
 

  Re: What are accounting Principles?
Answer
# 11
there are three types of accounting principles available:-
1.Personnel Account:- Deals with person individual often 
company extra.
      * Debit the receiver
      * Credit the giver
2.Real Account:- Real accounts are those which are tangeble 
in nature an which the business owns.
      * Debit what comes in
      * Credit what goes out
3.Nomial Account:- These are accounts other than personel 
and real includes expences, losses, incomes and gains.
      * Debit all expences and losses
      * Credit all incomes and gains
 
Is This Answer Correct ?    199 Yes 70 No
Aman
 

  Re: What are accounting Principles?
Answer
# 12
A general law or rule,adopted or professed as a guide to 
action,a settled ground or basis of conduct or practice
 
Is This Answer Correct ?    49 Yes 124 No
Sajad
 

  Re: What are accounting Principles?
Answer
# 13
Accounting principles are basically the general rules and 
guidelines that every firm has to follow while preparing 
their accounts.The principles are : 
a) Consistency
b) Materiality
c) Dual aspect
d) Conservatism
e) Reliability
 
Is This Answer Correct ?    176 Yes 57 No
Madhav Rao
 

  Re: What are accounting Principles?
Answer
# 14
ACCOUNTING PRINCIPLES:
(1)PERSONAL ACCOUNT:DEBIT WHAT COMES IN 
                    CREDIT WHAT GOES OUT
(2)REAL ACCOUNT:DEBIT WHAT COMES IN
                CREDIT WHAT GOES OUT
(3)NOMINAL ACCOUNT:DEBIT ALL EXPENSES AND LOSSES
                   CREDIT ALL PROFIT  AND GAINS
 
Is This Answer Correct ?    114 Yes 130 No
P.philemon Babu
 

  Re: What are accounting Principles?
Answer
# 15
Accounting Principles are classified into two categories
A) Accounting concepts
B) Accounting Conventions

A) Accounting concepts
1)Business entity concept - business is separet entity from 
owner
2)Dual Aspect concept - Liabilities = Assets (dr = cr)
3)Going concern concept - business is going to be in 
existence for an indefinitely long time.
4)Accounting period concept - Indefinite long period is 
divided into short span for accounting purpose.
5)Cost concept - cost of aquisition of assets is considered 
for accounting (considering depriciation) and not current 
price of assets.
6)Money measurement concept - only facts which can be 
measured in money find place in accounting.
7)Matching concept - expences and costs incurred during 
period whether paid or not must match the revenue for that 
particular period.

B)Accounting Conventions
1) Convention of conservation
2)Convention of Materiality
3)Convention of Consistency
 
Is This Answer Correct ?    216 Yes 33 No
Mandar
 

  Re: What are accounting Principles?
Answer
# 16
There are three types of Accounting principles:
1.Real Account 
2.Nominal Account
3.Personal Account

Real Account:Debit what comes in credit what goes out.

Nominal Account:Debit all Expenses and Losses and 
                 Credit all Gains and Incomes
Personal Account:debit the receiver
                 credit the giver
 
Is This Answer Correct ?    131 Yes 61 No
Swapna
 

  Re: What are accounting Principles?
Answer
# 17
personal a/c: dedit whatcomes in and what goes out
real a/c: all expenses,profits debit and all revenues and 
losses credit
nominal a/c: debit is receiver credit is the giver
 
Is This Answer Correct ?    61 Yes 124 No
Ramesh.mandadapu
 

  Re: What are accounting Principles?
Answer
# 18
There are 3 accounting principle
Real account:debit what comes in and credit what goes out
Eg:            machinery a/c  dr
                   To cash a/c
            (Being machinery purchased by cash)
                purchases a/c  dr
                    To cash a/c               
Nominal account:debit all expenses credit all incomes
Eg:             salaries a/c  dr
                    To cash a/c
            (Being salaries paid by cash)
                cash a/c  dr
                     To sales a/c
personal account:debit the receiver and credit the giver
Eg:              Raj a/c Dr
                     To cash a/c
                (Being cash paid)
                 cash a/c  dr
                     To shubash a/c
             (Being cash received from shubash)
 
Is This Answer Correct ?    116 Yes 68 No
Sadanandam
 

  Re: What are accounting Principles?
Answer
# 19
Accounting Principles are classified into two categories
A) Accounting concepts
B) Accounting Conventions

A) Accounting concepts
1)Business entity concept - business is separet entity from 
owner
2)Dual Aspect concept - Liabilities = Assets (dr = cr)
3)Going concern concept - business is going to be in 
existence for an indefinitely long time.
4)Accounting period concept - Indefinite long period is 
divided into short span for accounting purpose.
5)Cost concept - cost of aquisition of assets is considered 
for accounting (considering depriciation) and not current 
price of assets.
6)Money measurement concept - only facts which can be 
measured in money find place in accounting.
7)Matching concept - expences and costs incurred during 
period whether paid or not must match the revenue for that 
particular period.

B)Accounting Conventions
1) Convention of conservation
2)Convention of Materiality
3)Convention of Consistency
 
Is This Answer Correct ?    147 Yes 31 No
Hemant Mittal
 

  Re: What are accounting Principles?
Answer
# 20
The general decision rules which govern the development of 
accounting techniques.these principles guide how 
transactions should be recorded and reported.
accounting principles includes accounting concepts and 
accounting conventions.
Under accounting concepts comes separate entity,going 
concern,money measurement,cost dual aspect,accounting 
period matching concept,realisition
Under accounting conventions comes conservatism,full 
disclosure,consistency,materiality.
 
Is This Answer Correct ?    80 Yes 33 No
Safora
 

  Re: What are accounting Principles?
Answer
# 21
REAL ACCOUNTS      DEBIT WHAT COMES IN
                   CREDIT WHAT GOES OUT
             
NOMINAL ACCOUNTS   DEBIT ALL EXPENSES AND LOSSES  
                   CREDIT ALL INCOMES AND REVENUES

PERSONAL ACCOUNTS  DEBIT THE GIVER
                   CREDIT THE RECEIVER
 
Is This Answer Correct ?    65 Yes 97 No
Shoukatali
 

  Re: What are accounting Principles?
Answer
# 22
Accounting principles are like laws that are made by
International Accounting Standards to be used in business so
that all tractions and records are kept clear and fair. The
basic difference between principles and concepts is to their
implementation and understanding. Principles are used to
implement where as procedures are used for understanding of
accounting.
 
Is This Answer Correct ?    48 Yes 58 No
Jyoti S K
 

  Re: What are accounting Principles?
Answer
# 23
Personal A/c 
1) Debit the Receiver
2) Credit the Give
Real A/c
1) Debit what Comes in
2) Credit What Goes out
Nominal A/c
1) Debit all the Expenses and Loss
2) Credit all the Income and Gain
 
Is This Answer Correct ?    96 Yes 37 No
S Geetha
 

  Re: What are accounting Principles?
Answer
# 24
Persnol A/c
debit the receiver and the cerdit the giver
Real A/c
debit what comes in and cerdit what goes out
nominal A/c
debit all expenses and losses and cerdit all incomes and 
revenues
 
Is This Answer Correct ?    79 Yes 45 No
Shoukatali
 

  Re: What are accounting Principles?
Answer
# 25
Accounting Principals:

Personal Account:Debit the receiver
                 Credit the giver
                 (accounts recording transactions with person)

Real Account    : Debit what comes in
                  Credit what goes out
                  (It is relating to tangible things like  
              
                   goods, cash,Buildings,Bills Receivable)
Nominal Account : Debit expenses and losess
                  Credit incomes and gains
                  (It is relate to the losses, gains, 
                   expenses and incomes like rent  salaries
                    Bad debts.....)
 

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