Essential Accounting Principles Every Small Business Owner Should Know
Accrual Principle:
Value in timely transaction recording
Conservatism Principle:
Prioritizes accuracy in uncertain conditions
Consistency Principle:
Maintain uniformity in accounting methods
Cost Principle:
Emphasizes on recording actual cost in transactions
Economic Entity Principle:
Separate business and owner
Full Disclosure Principle:
Ensures transparent financial reporting
Going Concern
Principle:
Assumes continuity despite external uncertainties ahead
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