Question

what are the difference in accounting standard and accounting principle??

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Answer 1

Answer:

The main difference between Accounting Concepts and Accounting Principles is; Accounting concepts are the assumptions, guidelines, and postulates with which the accounting data is recorded whereas Accounting principles are the rules to be followed while reporting financial data.

Answer 2

Answer:

Main Differences Between Accounting Concepts and Accounting Principles

1. Main Differences Between Accounting Concepts and Accounting PrinciplesThe main difference between Accounting Concepts and Accounting Principles is; Accounting concepts are the assumptions, guidelines, and postulates with which the accounting data is recorded whereas Accounting principles are the rules to be followed while reporting financial data.
2. The main purpose of accounting concepts is to record data by the accountant while the accounting principles are to report the financial data based on GAAP norms.
3. Acounting Principles are considered internal for the process it follows to record the data, while accounting principles are also internal but the report has to be presented externally as well.
4. Accounting concepts are to be followed first to record data while accounting principles are followed later to report the finance data.
5. Accounting concepts help in giving complete clarity on the finance data while accounting principles are required to be followed to report the finance data for legal compliances.