Question

Explain accounting principles ???

Answer 1

Explanation:

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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

ANSWER

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The accounting Principles are as follows :-

1.Principle of Materiality :-

The principle is an exception to the principle of full disclosure. According to this principle, items having significant effect or irrelevant to the user need not be disclosed are called Principle of Materiality.

2.Principle of Consistency :-

This principle states the accounting procedures and methods should remain consistent from one year to another.These should not be changed from years to years.

3.Principles of Timelines :-

Financial Statements Provide usefull information on the basis of which users take important decisions. If tge staements contain old and late information they are of little use, it is known as principle of timelines.

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