Question

Write the principles of Accounts​.
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Answer 1

Answer:

What are the 5 basic principles of accounting?

Revenue Recognition Principle. When you are recording information about your business, you need to consider the revenue recognition principle.

Cost Principle.

Matching Principle.

Full Disclosure Principle.

Objectivity Principle.

Debit the receiver and credit the giver.

Debit what comes in and credit what goes out.

Debit expenses and losses, credit income and gains.

The important concepts have been listed as below: Business entity; • Money measurement; • Going concern; • Accounting period; • Cost • Dual aspect (or Duality); • Revenue recognition (Realisation); • Matching; • Full disclosure; • Consistency; • Conservatism (Prudence); • Materiality; • Objectivity.

Explanation:

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Answer 2

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° Various bodies are responsible for setting accounting standards. In the United States, GAAP is regulated by the Financial Accounting Standards Board (FASB)...

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