Question

Define accounting principles and write their significance

Answer 1

“Principles of Accounting are the general law or rule adopted or proposed as a guide to action ,a settled ground or basis of conduct or practice."

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).