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