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What are accounting Principles?
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Answer Posted / rahul kumar srivastava
General rules and concepts that governs the field of accounting are called accounting principles...
...as such we've Generally Accepted Accounting Principles i.e
GAAP which consists of 3 important set of rules:
1.The basic accounting principles & guidelines,
2.Rules and standards issued by Financial Accounting Standards Board (FASB)and,
3.Generally accepted industry practices.
....Hence the definitions and conventions established and fixed by the combined workings of these three sets of rules under the name of GAAP constitutes the ACCOUNTING PRINCIPLES.
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