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Answer Posted / h.r. sreepada bhagi
Accounting Principles(Not Principals) are the Concepts &
Conventions followed in recording Financial
(Accounting)Transactions and preparation of Financial
Statements. Accounting Principles are the basic guidelines
for maintenance of accounting records. A few examples are -
1.Business Entity Concept.
2.Going Concern Concept
3.Matching Concept.
4.Accounting Period Concept.
5.Dual Aspect (Debit/Credit)
6.Materiality Concept.
7.Money Measurement Concept
8.Consistency Convention, etc.
Accounting Standards are specific Guidelines to be followed
while maintaining Financial records & preparation of
Financial Statements under GAAP applicable to the business
entities in the respective countries. Accounting Standards
may be IFRS, US GAAP, Indian GAAP or GAAP in other countries.
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