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Accounting Principles

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    FAISAL A.
    YE
    FAISAL A.

    What are the accounting principles

    Gabriel O.
    ML
    Gabriel O.

    These are basic guideline created for accounting, these are meant to provide quality accounting and understanding in the accounting industry.

    Wendy C.
    AU
    Wendy C.

    Accounting principles (otherwise known as conventions, doctrines or assumptions) provide the basis for accurate financial records

    Samuel F.
    ZA
    Samuel F.

    As in many other industries, the accounting industry dictates that its members all strive to adhere to certain principles and, thereby, provide a similarly high level of service. There are a number of professions such as the medical, law and accounting professions that deal with the intimate aspects of people’s lives. In order for these professions to function correctly, it is vital that the public feel confident in the profession as a whole. This set of basic accounting principles and guidelines has been created for accountants to follow. While there is no definitive list of accounting principles, members of the industry have come to a general consensus regarding which accounting principles will encourage a uniform level of quality amongst accounting professionals. In fact, during World Accounting Week (an annual event organised by the International Federation of Accountants) this year, there was a forum discussion regarding basic accounting principles and their application.

    Samuel F.
    ZA
    Samuel F.

    Which principle/guideline justifies a company violating an accounting principle because the amounts are immaterial?

    Harrison A.
    AT
    Harrison A.

    The principles of accounting is that transactions are recorded using what is called a double - entry accounting method and double- entry means that for a complete record of a transaction,two entries are made.For instance,if you have 5€ in cash,and wants to buy some gasoline for your mower,you take your portable gas can and your money to the gas station and excchange 5€ in cash for 5€ in gas. This transaction is recorded as an increase in the asset gas for 5€,and a corresponding reduction in the asset cash for 5€ . Another rule is that every recorded transactions is captured in a log called the "general journal".

    Zachary B.
    US
    Zachary B.

    What are some different accounting principles?

    Diamond T.
    US
    Diamond T.

    The principles of accounting is that transactions are recorded using what is called a double - entry accounting method and double- entry means that for a complete record of a transaction,two entries are made.For instance,if you have 5€ in cash,and wants to buy some gasoline for your mower,you take your portable gas can and your money to the gas station and excchange 5€ in cash for 5€ in gas. This transaction is recorded as an increase in the asset gas for 5€,and a corresponding reduction in the asset cash for 5€ . Another rule is that every recorded transactions is captured in a log called the "general journal".

    Douglas R.
    US
    Douglas R.

    Principles and breeching.

    Ardian R.
    flag-default-icon
    Ardian R.

    The rules and guidelines that companies must follow when reporting financial data.

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