what is accounting principals Related: Basic Accounting Concepts & Conventions - Principles of Accounting, Accountancy and Financial manage?

Question

what is accounting principals Related:  Basic Accounting Concepts & Conventions - Principles of Accounting, Accountancy and Financial manage?

Answer

Accounting Principles are the general rules and guidelines that companies must follow when reporting all accounts and financial data.

¤ Some Accounting Principles are:-

● Accrual Principle
● Conservatism Principle
● Consistency Principle
● Cost Principle
● Economic Entity Principle
● Full disclosure Principle
● Goling concern Principle
● Matching Principle

Answer

Accounting principles are the fundamental guidelines and rules that govern the preparation, presentation, and interpretation of financial statements. These principles provide a framework for the proper recording, reporting, and analysis of financial transactions and help ensure consistency and accuracy in financial reporting. Some of the key accounting principles include the accrual basis of accounting, the consistency principle, the materiality principle, the going concern principle, the full disclosure principle, and the matching principle. These principles are essential for understanding and applying basic accounting concepts in practice.

Answer

Accounting principles is a GENERAL LAW or rules adopted or professed as a guide to action.It is a basis of conduct or practice.
TYPES OF ACCOUNTING convention
1..Conservatism
2...disclosure
3....consistency
4...Materiality
TYPES of CONCEPT
1.. period CONCEPTS
2...dual CONCEPTS
3.. Realisation CONCEPTS
4... separate entity CONCEPTS
5...Cost CONCEPTS
6... going concern CONCEPTS
7... Accounting equivalence CONCEPTS
8... Capital CONCEPTS
9... Matching CONCEPTS
10... accrual CONCEPTS

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