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1)going concern

2)consistency

3)materiality

4)principle of prudence

5)business Entity

Accounting principles are those rules and concepts that are generally accepted as standards for the field of accounting. These are standardized by governing bodies such as GAAP and IASB. Few core principles are Accrual concept, Business Entity Concept, Time Period Assumption etc.

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13y ago
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15y ago

The basic principle of accounting is to identify, record, and communicate financial transactions. The simple form of the basic accounting equation is assets equals liabilities plus equity (be it common stock, shareholders equity, partners capital accounts, etc)

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Q: What are the principles of accounting?
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What are accounting principles?

The Accounting Principles are the assenition rules of accounting and the application of these rules, method & procedures to actual practice of accounting. These Accounting principles have been divided into a. accounting concepts b. accounting conventions.


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