Accounting Principles
Accounting principles are the standardized framework accountants adhere to in preparing accounts and financial statements. The general rules most frequently used for financial reporting are called the Generally Accepted Accounting Principles or GAAP that have been supported by the Financial Accounting Standards Boards (FASB). The standard GAAP … Keep Reading → principles prescribe the following concepts: accruals, consistency, going concern, prudence or conservation, accounting period, cost basis, maintenance of capital among several others. Learn more about these standard accounting principles in this Hub.
