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What are the principles of accounting?

In: Business & Finance, Business Accounting and Bookkeeping, Capital Equipment Leasing [Edit categories]

Answer:

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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Jadeacres

First answer by ID0701278211. Last edit by P.hotworks. Contributor trust: 0 [recommend contributor ]. Question popularity: 0 [recommend question].

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Principles of Accounting

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