Accounting Principles

Accountants generally approach their work from a common perspective. To enable this, the accounting profession has agreed to a number of generally accepted Accounting principles that govern the accounting information is recorded. These principles include:

  • Monetary Unit
  • Reporting Period
  • Consistency
  • Conservatism
  • Historical Cost
  • Accounting Entity
  • Going Concern

To help you remember these seven principles you can use Mr. Chag.


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