Accounting Principles

May 19th, 2015
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Sam Houston State University
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Business Entity: For accounting purposes business is treated as a unit or entity apart from its owners, creditors etc. Capital is also treated as permanent liability and withdrawals is treated as reduction of capital and for Corporate companies can sell their share of capital to other investors

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I. Accounting Rules:1. Personal: Debit the benefit receiver-Credit the benefit giver2. Real: Debit what comes in - Credit what goes out3. Nominal: Debit all Expenses and Losses - Credit all incomes and GainsII Accounting Principles:1. Business Entity: For accounting purposes business is treated as a unit or entity apart from its owners, creditors etc. Capital is also treated as permanent liability and withdrawals is treated as reduction of capital and for Corporate companies can sell their share of capital to other investors.2. Going Concern: Enterprise will continue for foreseeable future. It is fundamental accounting assumption Disadvantage1) Assets recorded at Historical basis not Current value and it is testifies objective evidence 2) Assets depreciated based on the Expected life not on the basis of market value realization3. Money measurement: All transactions and events wh

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