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Accounting 3 Pages

Ten Basic Accounting Principles

Question

Determine what you think are the ten basic accounting principles on which all financial accounting standards and reporting is built.

Solution

Title: Ten Basic Accounting Principles
Length: 3 pages (845 Words)
Style: APA

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Ten Basic Accounting Principles 

Introduction

The American Institute of Certified Public Accountants (AICPA), view on the word principle means that it is a general rule that guides a course of action and a conduct for practice. Therefore, in accounting, the conventions and procedures represent a consensus for good practices in accounts. Other accountants' bodies also define the principles as the doctrines that associate with the procedures and theories of accounting. These principles and rules help in guiding and providing conformity to the doctrines and ethics that are useful to the extent of increasing utility to the readers. The accounting principles are denoted in concepts and conventions.

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