Importance of accounting concepts and principles
Answers
Answered by
0
Answer:
Explanation:
accounting principles -
Accounting principles are the rules that companies must follow when reporting financial data. eg
Accrual principle.
Conservatism principle.
Consistency principle.
Cost principle.
accounting concepts - refers to the basic assumptions and rules and principles which work as the basis of recording of business transactions and preparing accounts. eg
prudence concept
matching concept
Similar questions