Can You Explain Accounting Principles?


3 Answers

MUhammad Umar Profile
MUhammad Umar answered
Accounting Principles can be defined as the art of recording Business transactions in a systematic and regular manner.
SidrA Tasneem Profile
SidrA Tasneem answered
Accounting principles are like laws that are made by International Accounting Standards to be used in business so that all tractions and records are kept clear and fair. The basic difference between principles and concepts is to their implementation and understanding. Principles are used to implement where as procedures are used for understanding of accounting.
Anonymous Profile
Anonymous answered
Debit what comes in and credit what goes out
Debit the receiver, credit the giver
Debit all expenses, credit all incomes

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