Golden Principles of Accounting both modern and traditional

Question

Accepted Answer

Golden principles of accounting refer to the basic rules and guidelines that govern the field of accounting.

The principle of consistency: Accounting methods and procedures should be consistent from one period to another.
The principle of materiality: Only significant information that would influence the decision-making of users should be included in financial statements.
The principle of conservatism: When in doubt, accountants should choose the option that is least likely to overstate assets and income.
The principle of full disclosure: All relevant information that could impact the decision-making of users should be disclosed in financial statements.
The principle of relevance: Financial information should be relevant to the needs of users and help them make informed decisions.
The principle of reliability: Financial information should be accurate, unbiased, and verifiable.
The principle of comparability: Financial information should be presented in a way that allows for meaningful comparisons between different periods or companies.

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