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The best-known of these principles are as follows: Accrual principle. This is the concept that accounting transactions should be recorded in the accounting periods when they actually occur, rather than in the periods when there are cash flows associated with them. This is the foundation of the accrual basis of accounting.
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Accounting 101: A Beginner's Guide to Accounting Basics. Accounting is the foundation of financial health for every business. Without it, your business could experience numerous financial problems, including losing money, failing to repay debts, exceeding budgets, and disappointing your investors.
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Accounting principles are the rules and guidelines that companies must follow when reporting financial data. The common set of U.S. accounting principles is the generally accepted accounting ...
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8. Accounting equation. This basic accounting equation will help you understand how your accounting software records transactions: Assets = liabilities + owner's equity. As the formula indicates ...
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