ACCOUNTING PRINCIPLES
ACCOUNTING PRINCIPLES
These are body of doctrines commonly associated with
the theory and procedures of accounting serving as an explanation of current
practices . They act as guide for selection of accounting procedures or
conventions where alternative exists. Accounting principle must satisfy
following conditions:-
1) They should be based on Real Assumptions.
2) They must be Simple, Understandable and Explanatory.
3) They must be followed consistently.
4) They should Reflect Future Predictions.
5) They should be Informational for users.
v Basic Assumption Concepts/Principles/Conventions
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