What are the 5 basic accounting

Question

Accepted Answer

The 5 basic accounting principles are: revenue recognition, matching principle, cost principle, full disclosure principle, and objectivity principle.

Revenue recognition: recognizing revenue when it is earned, not when payment is received
Matching principle: matching expenses with the revenue they generate
Cost principle: recording assets at their original cost
Full disclosure principle: disclosing all relevant information in financial statements
Objectivity principle: using objective, verifiable data in financial statements

Accepted Answer

The 5 basic accounting principles are: revenue recognition, matching principle, cost principle, full disclosure principle, and objectivity principle.

Helpful

Accepted Answer

1.accrual principle, the matching

2. principle,

3. historic cost principle,

4. conservatism principle

5 principle of substance over form.

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