What you know about BRS & Accounting Principles?

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BRS stands for Bank Reconciliation Statement. Accounting principles are the guidelines for recording financial transactions.

BRS is a statement that compares the bank balance as per the bank statement with the balance as per the company's books.
Accounting principles include the accrual principle, matching principle, and the cost principle.
The accrual principle states that revenue and expenses should be recognized when earned or incurred, not when cash is received or paid.
The matching principle requires that expenses be matched with the revenue they helped generate.
The cost principle states that assets should be recorded at their original cost, not their current market value.
Examples of accounting principles in action include recording depreciation on fixed assets and recognizing revenue when a product is sold, not when the payment is received.

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