Question

what is the principle of accounting ??​

Answer 1

Answer:

Generally Accepted Accounting Principles is the accounting standard adopted by the U.S. Securities and Exchange Commission.

Answer 2

Answer:

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).

Explanation:

GAAP attempts to standardize and regulate the definitions, assumptions, and methods used in accounting. There are a number of principles, but some of the most notable include the revenue recognition principle, matching principle, materiality principle, and consistency principle.