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What are the Basic Principles and Assumptions of Accounting?

April 26, 2017Accounting assumptions BASIC Principles

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What are the Basic Principles and Assumptions of Accounting?

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Accounting principles and assumptions are the essential guidelines under which businesses prepare their financial statements. These principles guide the methods and decisions for a business over a short and long term. For both internal and external reporting purposes, it is important to understand the concepts presented below because they serve as a guideline to the analysis of financial reporting issues.