Question

What are the features of accounting principles ?​

Answer 1

Answer:

==>Essential Features of Accounting Principles:

Relevance or Usefulness: ADVERTISEMENTS: A principle will be relevant only if it satisfies the needs of those who use it. ...

Objectivity: A principle will be said to be objective if it is based on facts and figures. ...

Feasibility: The accounting principles should be practicable.

Explanation:

==>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).

==>What are the Basic Accounting Principles?

Accrual principle. ...

Conservatism principle. ...

Consistency principle. ...

Cost principle. ...

Economic entity principle. ...

Full disclosure principle. ...

Going concern principle. ...

Matching principle.

==>The best way to understand the GAAP requirements is to look at the ten principles of accounting.

Economic Entity Principle. ...

Monetary Unit Principle. ...

Time Period Principle. ...

Cost Principle. ...

Full Disclosure Principle. ...

Going Concern Principle. ...

Matching Principle. ...

Revenue Recognition Principle.

$\huge\mathfrak\purple{Thank you}$