Accounting Types (Personal, Real, Nominal) and Concepts | Commerce Management UPSC NET

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PERSONAL: It can be an artificial person or a natural person.


RULE: Dr. the receiver
Cr. the giver

REAL: The assets can be tangible and intangible.

RULE: Dr. what comes in
Cr. what goes out

NOMINAL: Expenses and incomes of the business comes under it.

RULE: Dr. all the expenses and losses
Cr. all the incomes and gains


BUSINESS ENTITY CONCEPT: This concept says that the business and owner have a different identity.

GOING CONCERN CONCEPT: It is assumed that business will go on forever.

DUAL ASPECT ASPECT: This concept focuses on every transaction having two aspect i.e. Dr. and Cr.
HISTORICAL COST CONCEPT: It purely focuses on every transaction being recorded at historical cost rather than market value.

ACCOUNTING PERIOD CONCEPT: There is a period or time of recoding transactions. It is usually of year.

MONEY MEASUREMENT CONCEPT: The transactions which can be recorded only in money terms are recorded.
LET’S PRACTICE
Which concept says that a business will go on forever?

Money measurement concept
Historical cost concept
Going concern concept
Revenue Recognition concept
Which concept focuses on a time period to record every transaction?

Business entity concept
Historical entity concept
Dual aspect concept
Money measurement concept

CHAPTER
00:00 Accounting Types And Concepts
00:10 Meaning
01:50 Types Of Accounts
04:44 Concepts
09:21 Lets Practice