The Art & Science of Accounting: From Basics to Forensics

Section1: Accounting Principles

Accounting principles are the rules and guidelines that companies and other agencies must abide by when reposting their financial data and results. These principles and rules make it a bit easier to standardize financial data by setting the standards and rules that Accountants must use.

The main purpose of Accounting principles is to establish the framework for how financial Accounting is recorded and reported on financial statements to be reliable for decision ma