Accounting principles refer to the standard framework of guidelines for financial accounting used in any given command, generally known as accounting standards .These include the principles, conventions, and rules that accountants follow in recording and shortening and in the preparation of financial declarations.
As we know the process of accounting is that of recording monetary transactions of a business in an organized and transparent form and to prepare financial statements related to assets and liabilities and help in proper functioning of the business. With the help of
Accounting Principles and Accounting Equation Definition and Explanation: Accounting is the language of business. Affairs of a business unit are made understood to others as well as to those who own or manage it through accounting information which has to be suitably recorded, classified,