What is the difference between principles of accounts and accounting?
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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.
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Step-by-step explanation:
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.
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