What are accounting principles?

Asked by Last Modified  

5 Answers

Follow 1
Answer

Please enter your answer

Mayank Chhabra

Teacher

Accounting principles ar the set of rules,laws,guidelines through which transactions are governed for eg business entity principle(seperate from owners),full disclosure principle.The most important here is the matching concept(cost incurred to earn revenue is treated as expense in the period when related...
read more
Accounting principles ar the set of rules,laws,guidelines through which transactions are governed for eg business entity principle(seperate from owners),full disclosure principle.The most important here is the matching concept(cost incurred to earn revenue is treated as expense in the period when related revenue is recognized) read less
Comments
Dislike Bookmark

Tutor

Accounting principles are the rules and guidelines that must be followed while preparing accounts
Comments
Dislike Bookmark

Math Magician

Accounting principles are the rules and guidelines that companies must follow when reporting financial data. The common set of accounting principles is the generally accepted accounting principles.
Comments
Dislike Bookmark

Math Magician

It is those rules of action or conduct which are adopted by accountants universally while recording accounting transactions.they are the rules which are followed in treating various items of assets,liabilities,expenses income,etc. For example, inventory should be valued at lower than its cost
Comments
Dislike Bookmark

Best tutor for Business and Tax

A general law or rule adopted or professed as a standard for practice of accounting operations and reporting on the basis of unity of understanding and universal practice among the corporate units is termed as a "Accounting Principles"
Comments
Dislike Bookmark

View 3 more Answers

Related Questions

Which course is best in IT
I Perfer to go for Cloud Automation Tools. i.e Ansible, Terrafrom and etc. This is best booming technologies in IT market for next 5 years.
Noman
what do you mean by accounts
Financial records of an organization that register all financial transactions, and must be kept at its principal office or place of business. The purpose of these records is to enable anyone to appraise...
Aravindan
How can I find some best BCom tuition classes in my locality?
Check with the senior students who already appeared the examination.
Vikas

I'm doing b.com and I'm in 1st year. Can anyone suggest me the best books used for bcom
You can refer Rahul publications test papers they are very good for quick revisions
Abdul
What are the qualifications needed for a BCom tuition teacher?
Nothing but ability to make the students clear about concept and subject. Qualification may be B.com, M.Com and Tutors who are pursuing or Completed professional courses like CA, ICWA, CS, etc.
Himanshu

Now ask question in any of the 1000+ Categories, and get Answers from Tutors and Trainers on UrbanPro.com

Ask a Question

Related Lessons

Computation of Salary income
Basic Salary (+) DA (+) Bonus (+) Taxable portion of allowances (+) Advance Salary (+) Fees (+) Commission (+) Taxable value of perquisities (+) Wages (+) Profit in lieu of salary (+) Taxable...

Anand Eriwal

0 0
0
Introduction To Partnership Firms
Fundamentals of partnership: A partnership comes into existence by an agreement. This agreement can be verbal or written. When two or more individuals enter into a partnership and sign a written agreement...

Srishti Agrawal

1 0
0
Understanding Of GST (Goods And Services Tax)
What is GST? Goods & Services Tax is a comprehensive, multi-stage, destination-based tax that will be levied on every value addition. To understand this, we need to understand the concepts under...

Charchit Jain

0 0
0
Henry Fayol Management Principles simplified
Hi Students, We have studied about the 14 Management Principles by Henry Fayol which are as under: Division of Work Authority & Responsibility Discipline Unity of Command Unity of Direction Subordination...

Deepti Arora

0 0
0
Know These Important Things About Investing & Trading In Bitcoins
The talk of the trading town these days is bitcoins. As you might know, I have already written some articles on bitcoin but due to overwhelming request of many Indian investors and trader, here’s...

Tradingcoach

1 0
0

Recommended Articles

The Rising Problems in Indian Government School

With the mushrooming of international and private schools, it may seem that the education system of India is healthy. In reality, only 29% of children are sent to the private schools, while the remaining head for government or state funded education. So, to check the reality of Indian education system it is better to look...

Read full article >

Science, Arts Or Commerce - Which One To Go For?

Once over with the tenth board exams, a heavy percentage of students remain confused between the three academic streams they have to choose from - science, arts or commerce. Some are confident enough to take a call on this much in advance. But there is no worry if as a student you take time to make choice between - science,...

Read full article >

How To Choose The Right School For Children?

Quality education does not only help children to get a successful career and life, but it also hugely contributes to society. The formal education of every child starts from school. Although there are numerous schools, parents find it challenging to choose the right one that would fit their child. It is difficult for them...

Read full article >

6 Healthy Habits of School Children

While schools provide formal education to the children, the home is where they start learning about things informally. Parents think that schools will take the initiative to educate their children. Well, this is partially true, as parents also play an essential role in bringing up their child. For the development of particular...

Read full article >

Find BCom Tuition near you
BCom Tuition in Delhi
BCom Tuition in Bangalore
BCom Tuition in Mumbai
BCom Tuition in Hyderabad
BCom Tuition in Chennai
BCom Tuition in Kolkata
BCom Tuition in Pune
BCom Tuition in Gurgaon
BCom Tuition in Noida
BCom Tuition in Ghaziabad

Looking for BCom Tuition ?

Learn from the Best Tutors on UrbanPro

Are you a Tutor or Training Institute?

Join UrbanPro Today to find students near you