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accounting principals

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accounting principals..

Answer / h.r. sreepada bhagi

Accounting Principles(Not Principals) are the Concepts &
Conventions followed in recording Financial
(Accounting)Transactions and preparation of Financial
Statements. Accounting Principles are the basic guidelines
for maintenance of accounting records. A few examples are -
1.Business Entity Concept.
2.Going Concern Concept
3.Matching Concept.
4.Accounting Period Concept.
5.Dual Aspect (Debit/Credit)
6.Materiality Concept.
7.Money Measurement Concept
8.Consistency Convention, etc.

Accounting Standards are specific Guidelines to be followed
while maintaining Financial records & preparation of
Financial Statements under GAAP applicable to the business
entities in the respective countries. Accounting Standards
may be IFRS, US GAAP, Indian GAAP or GAAP in other countries.

Is This Answer Correct ?    1 Yes 0 No

accounting principals..

Answer / sumitra.raghavan

accounting principles are guidelines that helps in proper
recording of transaction as per certain concepts and
conventions.its helps in preparing accounts on a std
basis.example maching concepts

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accounting principals..

Answer / pradipta

Accounting principal is consisting of the standards, conventions, and rules accountants follow in recording and summarizing transactions, and in the preparation of financial statements.

Is This Answer Correct ?    1 Yes 1 No

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