Question

What are the need for accounting principles

Answer 1

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• Accounting principles ensure the financial statements from multiple companies are comparable. This is because all entities follow the same rules
• Accounting principles make the financial statements credible and allow for more economic decisions based on accurate and concise information.

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Answer 2

Answer:

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Need for Accounting Principles are :-

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•Accounting principle are required to identify and classify economic transactions for meaningful presentation.

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•These principles help to ensure uniformity in accounting records. As result the financial statements of different firms becomes comparable.

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3.Accounting principles serve as a guide to accountants in recording and reporting business transactions.

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4.These principles represent a scientific approach to financial statements. True and fair financial statements are useful to various users.Use of accounting principles creates confidence in accounting information.

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