Question

Define accounting principles and write their significance
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Answer 1

Accounting principles are the rules and guidelines that companies must follow when reporting financial data. The Financial Accounting Standards Board (FASB) issues a standardized set of accounting principles in the U.S. referred to as generally accepted accounting principles (GAAP).

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Answer 2

Explanation:

accounting principles are the rules and guidelines that companies must follow when reporting financial data. the financial accounting standards board (FASB) issues a standardized set of accounting principles in the U.S. referred to as generally accepted accounting principles (GAAP).