Question

6. Explain any 4 basic principles of Accounting.​

Answer 1

Explanation:

the 5 basic principles of accounting?

• Revenue Recognition Principle. When you are recording information about your business, you need to consider the revenue recognition principle. ...
• Cost Principle. ...
• Matching Principle. ...
• Full Disclosure Principle. ...
• Objectivity Principle.

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Answer 2

Cost Principle:-

Recording your assets when you purchase a product or service helps keep your business’s expenses orderly. It’s important to record the acquisition price of anything you spend money on and properly record depreciation for those assets.

Matching Principle;-

Expenses should be matched to the revenues recognized in the same accounting period and be recorded in the period the expense was incurred. If there is a period of time where revenue was recognized on sold products or services, then the cost of those things should also be recognized..

Full Disclosure Principle;-

The information on financial statements should be complete so that nothing is misleading. With this intention, important partners or clients will be aware of relevant information concerning your company.

Revenue Recognition Principle:-

When you are recording information about your business, you need to consider the revenue recognition principle. This is the period of time where revenues are recognized through the income statement of your company. In order for your revenues to be recognized in the period that the services were provided if you are on the accrual basis, If you are on the cash basis then, the revenues need to be recognized in the period the cash was received....

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