![]() ![]() So, what are the basic principles of accounting? Let’s break them down: 1. Understanding 10 of the Most Important Accounting PrinciplesĪlthough there are numerous principles and guidelines that make up GAAP as defined by the FASB, you can condense them into this list of 10 basic accounting principles that are some of the most commonly used in the industry-and therefore, some of the most important to understand. These accounting principles guarantee consistency in accounting reports and financial statements among all businesses and therefore, help protect business owners, consumers, and investors from fraud. Ultimately, then, the more you understand about these basic accounting principles, the easier it will be to work with any accounting professional you hire for your business. In this case, we’re discussing number one, the basic accounting principles that dictate how your accountant does their job.
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