Basic Accounting Principle
Jennifer edwards There are a number of basic accounting principle that contains norms and rules according to which accounting is conducted within a business. A few of these principles can be explained…
Full Disclosure Principle of Accounting
The full disclosure principle states that while designing and maintaining financial statements of an entity you should add all the information that is necessary to develop an understanding regarding the…
The Economic Entity Principle of Accounting
The economic entity principle of accounting is a principle that gives us guideline about storing the financial information of a given entity. This principle states that the financial information of…
Impairment Accounting
Impairment accounting is the branch of accounting that deals with the cost of the fixed assets and also referred as impairment accounting of fixed assets. The impairment of the fixed…
Monetary Unit Principle
The monetary unit principle of accounting states that all the transactions must be recorded in the form of currency. In other words a business can only record those transactions that…
The Cost Principle
The cost principle is one of the basic principles of accounting that states that all the assets, liabilities, equities and expenses must be recorded on the financial statements at their…
Accounting Principle: The Matching Principle
The matching principle of accounting is one of the basic principles of accrual base accounting. This principle states that when a business is going to record its revenues it must…