Question

what do you mean by accounting principle discuss the nature and significance of accounting principle ​

Answer 1

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).1 Some of the most fundamental accounting principles include the following:

1. Accrual principle

2. Conservatism principle

3. Consistency principle

4. Cost principle

5. Economic entity principle

6. Full disclosure principle

7. Going concern principle

8. Matching principle

9. Materiality principle

10. Monetary unit principle

11. Reliability principle

12. Revenue recognition principle

13. Time period principle

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Answer 2

Answer:

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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). ... Economic entity principle.

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