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Generally accepted accounting principles are a common set of standards applied by accountants. Accounting principles...

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Accounting

Generally accepted accounting principles are a common set of standards applied by accountants. Accounting principles aid in producing relevant, reliable, and comparable information. Four principles underlying financial statements were introduced: cost, revenue recognition, expense recognition, and full disclosure. Financial statements also reflect four assumptions: going-concern, monetary unit, time period, and business entity.Generally accepted accounting principles are a common set of standards applied by accountants. Accounting principles aid in producing relevant, reliable, and comparable information. Four principles underlying financial statements were introduced: cost, revenue recognition, expense recognition, and full disclosure. Financial statements also reflect four assumptions: going-concern, monetary unit, time period, and business entity.

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