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Principles of Double Entry - Principles of Accounting, Accountancy and Financial management Video Lecture | Accountancy and Financial Management - B Com
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FAQs on Principles of Double Entry - Principles of Accounting, Accountancy and Financial management Video Lecture - Accountancy and Financial Management - B Com
| 1. What are the key principles of double entry accounting? |  |
Ans. The key principles of double entry accounting include the principle of duality, the principle of accounting equation, the principle of debit and credit, the principle of conservation, and the principle of consistency.
| 2. How does the principle of duality apply in double entry accounting? | |
Ans. The principle of duality in double entry accounting states that every transaction has two aspects - a debit and a credit. For every debit entry recorded in an account, there must be an equal and corresponding credit entry in another account.
| 3. What is the significance of the principle of conservation in double entry accounting? | |
Ans. The principle of conservation in double entry accounting ensures that the total debits must always equal the total credits in a set of financial records. This principle helps maintain the accuracy and consistency of financial statements.
| 4. How does the principle of consistency impact double entry accounting? | |
Ans. The principle of consistency in double entry accounting requires that accounting practices and methods should be applied consistently over time. This ensures that financial statements are comparable and reliable for decision-making purposes.
| 5. How does the principle of debit and credit guide the recording of transactions in double entry accounting? | |
Ans. The principle of debit and credit in double entry accounting determines which accounts are debited and credited for each transaction. Debits increase assets and expenses, while credits increase liabilities, equity, and revenues.
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Dec 23, 2024 Last updated |
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