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The relationship between concepts and principles

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    Gabriel O.
    ML
    Gabriel O.

    The basic or fundamental principles in accounting are the cost principle, full disclosure principle, matching principle, revenue recognition principle, economic entity assumption, monetary unit assumption, time period assumption, going concern assumption, materiality, and conservatism. The last two are sometimes referred to as constraints. Rather than distinguishing between a principle or an assumption, I prefer to simply say that these ten items are the basic principles or the underlying guidelines of accounting. (My reason is that accounting principles also include the statements of financial accounting standards and the interpretations issued by the Financial Accounting Standards Board and its predecessors, as well as industry practices.)

    Wendy C.
    AU
    Wendy C.

    A concept is a broad outline to be followed whereas a principle is mandatory

    Jonathan Bashir Pam Z.
    GB
    Jonathan Bashir Pam Z.

    what are the relationship between concept and principles?

    Samuel F.
    ZA
    Samuel F.

    The basic or fundamental principles in accounting are the cost principle, full disclosure principle, matching principle, revenue recognition principle, economic entity assumption, monetary unit assumption, time period assumption, going concern assumption, materiality, and conservatism. The last two are sometimes referred to as constraints. Rather than distinguishing between a principle or an assumption, I prefer to simply say that these ten items are the basic principles or the underlying guidelines of accounting. (My reason is that accounting principles also include the statements of financial accounting standards and the interpretations issued by the Financial Accounting Standards Board and its predecessors, as well as industry practices.)

    Harrison A.
    AT
    Harrison A.

    Concept and principles are important because they bring together several key pieces of financial information about a business.The concepts and principles in accounting are incorrelation therefore,boths goes hand in hand and think of it this way,while your income ledger may tell you that the business brought in alot of money during the year,one may have no way of knowing whether it turned a profit without measuring the income against total expenses . And even comparing your monthly totals of income and expenses won't tell whether ones credit customers are paying fast enough to keep adequate cash flowing through your business to pay your bills on time . The pieces above is trying to let us know the relationships that exist between concepts and principles in accounting .

    Harrison A.
    AT
    Harrison A.

    what are the differences between concepts and principles in accounting ?

    Zachary B.
    US
    Zachary B.

    What are s uiqe accounting concepts?

    Diamond T.
    US
    Diamond T.

    The basic or fundamental principles in accounting are the cost principle, full disclosure principle, matching principle, revenue recognition principle, economic entity assumption, monetary unit assumption, time period assumption, going concern assumption, materiality, and conservatism. The last two are sometimes referred to as constraints. Rather than distinguishing between a principle or an assumption, I prefer to simply say that these ten items are the basic principles or the underlying guidelines of accounting. (My reason is that accounting principles also include the statements of financial accounting standards and the interpretations issued by the Financial Accounting Standards Board and its predecessors, as well as industry practices.)

    Douglas R.
    US
    Douglas R.

    Relationships.

    Ardian R.
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    Ardian R.

    A principle is a law or rule that has to be, or usually is to be followed, or can be desirably followed.Concept an idea of something formed by mentally combining all its characteristics

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