Accounting Priciples
Submitted by kimsen on March 31, 2011
- Category: Business
- Words: 351
- Pages: 2
- Views: 161
- Popularity Rank: 3322
Accounting Priciples
General accepted accounting principles provides guidelines to accountants on how they should prepare their financial reports. Going concern- the underlying principle behind this is that the company sees its future and thus assumes that operations will continue in order to achieve set operations and goals. The principle gives the accountant the mandate to give information on whether the company has the ability to operate without any difficulties, (Racine, 2010).
Companies which operate in the same field use Materiality principle which provides guidelines to the accountant. According to accounting principles, the accountant has no mandate to temper with any other principle....
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