Question

Explain the role of accounting principles in recording transactions.

Answer 1

Explanation:

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Accounting principles serve as a doctrine for accountants theory and procedures, in doing their accounting systems. Accounting principles ensure that companies follow certain standards of recording how economic events should be recognised, recorded, and presented.

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Answer 2

Accounting not only records financial transactions and conveys the financial position of a business enterprise; it also analyses and reports the information in documents called “financial statements.” Recording every financial transaction is important to a business organisation and its creditors and investors.