Answered

Welcome to Westonci.ca, your go-to destination for finding answers to all your questions. Join our expert community today! Get immediate and reliable solutions to your questions from a community of experienced professionals on our platform. Join our platform to connect with experts ready to provide precise answers to your questions in different areas.

Q3a. Highlight and explain five principles of accounting concepts.

Sagot :

GinnyAnswer

Final answer:

The five principles of accounting concepts are GAAP, Accrual Accounting, Double-Entry Accounting, Conservatism, and Consistency.


Explanation:

Principles of accounting concepts:

  1. GAAP (Generally Accepted Accounting Principles): These are a set of rules and standards that guide the preparation of financial statements.
  2. Accrual Accounting: Recognizes revenue and expenses when they are incurred, regardless of when cash exchanges hands.
  3. Double-Entry Accounting: Every transaction has equal and opposite effects in at least two different accounts.
  4. Conservatism: Requires accountants to choose the option that will be least likely to overstate assets and income.
  5. Consistency: Requires companies to use the same accounting methods and principles from period to period.

Learn more about Principles of accounting concepts here:

https://brainly.com/question/36364170


We appreciate your time on our site. Don't hesitate to return whenever you have more questions or need further clarification. Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. Discover more at Westonci.ca. Return for the latest expert answers and updates on various topics.