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BCom Tuition > What are accounting principles?
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What are accounting principles?

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Accounting principles ar the set of rules,laws,guidelines through which transactions are governed for eg business entity principle(seperate from owners),full disclosure principle.The most important here is the matching concept(cost incurred to earn revenue is treated as expense in the period when related...
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Accounting principles ar the set of rules,laws,guidelines through which transactions are governed for eg business entity principle(seperate from owners),full disclosure principle.The most important here is the matching concept(cost incurred to earn revenue is treated as expense in the period when related revenue is recognized) read less
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Accounting principles are the rules and guidelines that must be followed while preparing accounts
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Math Magician

Accounting principles are the rules and guidelines that companies must follow when reporting financial data. The common set of accounting principles is the generally accepted accounting principles.
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Math Magician

It is those rules of action or conduct which are adopted by accountants universally while recording accounting transactions.they are the rules which are followed in treating various items of assets,liabilities,expenses income,etc. For example, inventory should be valued at lower than its cost
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A general law or rule adopted or professed as a standard for practice of accounting operations and reporting on the basis of unity of understanding and universal practice among the corporate units is termed as a "Accounting Principles"
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