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Q3a. Highlight and explain five principles of accounting concepts.

Sagot :

GinnyAnswer

Final answer:

The five principles of accounting concepts are GAAP, Accrual Accounting, Double-Entry Accounting, Conservatism, and Consistency.


Explanation:

Principles of accounting concepts:

  1. GAAP (Generally Accepted Accounting Principles): These are a set of rules and standards that guide the preparation of financial statements.
  2. Accrual Accounting: Recognizes revenue and expenses when they are incurred, regardless of when cash exchanges hands.
  3. Double-Entry Accounting: Every transaction has equal and opposite effects in at least two different accounts.
  4. Conservatism: Requires accountants to choose the option that will be least likely to overstate assets and income.
  5. Consistency: Requires companies to use the same accounting methods and principles from period to period.

Learn more about Principles of accounting concepts here:

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