Question

Write three principles of accounting & what are its uses ?

Answer 1

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.

Answer 2

Explanation:

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3 golden rules of accounting are: in personal account -the rule is debit the receiver credit the giver. rule in real account -debit what comes in credit what goes out. nominal account -debit all expenses and losses, credit all income and profits.

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