Meaning of the Accounting Principles
Accounting Principles are the general laws,rules, norms,conducts,or actions which are adopted by the accountants universally which recording accounting transactions and preparation of financial statements.
There are various features of accounting principles out of some are given below=
Firstly, The Accounting Principles are Man-Made.
Secondly,The Accounting Principles are Flexible.
Thirdly,The Accounting Principles are generally accepted rather than universally acceptable.
Fourthly,They have qualities like relevance,objective and feasible.
Fifthly,They are called as Generally Accepted Accounting Principles(GAAP).
Lastly,I want to say that the accounting principles are general basic rules,concepts,conventions & procedures.
