Accounting Principles can be defined as the art of recording Business transactions in a systematic and regular manner.
Can You Explain Accounting Principles?
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.
Debit what comes in and credit what goes out
Debit the receiver, credit the giver
Debit all expenses, credit all incomes
Debit the receiver, credit the giver
Debit all expenses, credit all incomes