Question

explain the four features of accounting principles

Answer 1

$\huge\mathfrak\red{\star{\underline{\underline{Answer}}}}$

[1] Usefulness: An accounting principle should be useful that is an accounting rule which does not increases the utility of the records is not accepted as an accounting principle.

[2] Objectivity: Accounting principle should be objective in nature. It should not be influenced by the personal bias.

[3] Feasibility: Accounting principle should be practicable and feasible.

[4] Entity: Which means a business institution in its own right is difference from the parties who owns it. In other words business institution is a legal person having its own entity and is different from those who have generated the funds to form it.

Hope it helps úh