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What are the 5 basic accounting principles?

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Jul 22 at 17:41:57
Adnan
Adnan
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Generally accepted accounting principles (GAAP) refer to a common set of accepted accounting principles, standards, and procedures that companies and their accountants must follow when they compile their financial statements.

These five basic principles form the foundation of modern accounting practices.

1-The Revenue Principle.

2-The Expense Principle.

3-The Matching Principle.

4-The Cost Principle.

5-The Objectivity Principle.
Jul 22 at 19:15:28
Ashiq
Ashiq
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