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

I want to clear my subject maths, is it possible ?
Yes it is possible.
Bharath.m
What is your advice for first year bcom students?
If you have grip in basics . You can place in good position by the end of your course. So do hard work in the beginning itself
Mrunal
0 0
7
Is b.com coaching needed while studying for CS?
Not at all good
Shagufta
0 0
8
How is a BCom useful for students?
After bcom completion you will go for MBA or Mcom or law. Whatever you interested then go for it
Yoga
0 0
9
What to do to take online classes explain me clearly?
As a teacher the first step is to decide whether you want to go for pre recorded class or for online. In case of online, the requirement of good broadband (internet) connection is paramount. Students should...
Sai Ganesh Institute

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

Ask a Question

Related Lessons

FAQ: Consolidated Financial Statement Of The Company
i. Who will prepare the Consociated Financial Statement? As stated in Section 129 It is duty of the Parent Company (Management) to prepare the consolidated financial statement of the company and laid...

Fr Prashanth Reddy

4 0
0
Corporate Challenges Of A Finance Professional Today: How to face it?
Dear Corporate Professionals, Past few decades the Global financial services industry and the accounting profession have undergone a sea change with the rapid globalization of economy where Financial...

Venkatesh

1 1
0
Accounting Policies
Definition: Accounting Policies refer to specific accounting principles and applying those principles adopted by the enterprise in the preparation and presentation of Financial Statements. Need for...

Praveen Kumar Urimi

0 0
0
What is an Assets ?
Assets are sometimes defined as resources or things of value that are owned by a company. Some examples of assets which are obvious and will be reported on a company's Balance Sheet include: cash, accounts...

Dev Group

1 0
0
Simulation of Traffic
Ever wondered how statistics deal with traffic that you encounter every day while travelling?Well, we model arrival of vehicles as Poisson distribution. For example, 10 vehicles arrive in the 1st hour,...

Parth Loya

0 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