Generally-Accepted Accounting principles at a Glance

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Accounting involves maintaining a record of all the financial activities taking place in a business. It maintains a record of all the transactions taking place between different firms. It involves collecting data from reliable sources and then summarizing, analysis and reporting the transactions to keep a track of the income and expenditure of a business.

What are the generally accepted accounting principles?
These are accounting notions set by the Financial Accounting Standards Board (FASB), according to which financial transactions of a business firm are recorded.

1. Principle of regularity: It should be ensured that the employees of the accounts department adhere to the rules and follow the set protocol for accounting.
2. Principle of consistency: For ensuring accountability of the work and uniformity in the records, uniformity of adhered guidelines should be there. A set protocol should be followed for the entire accounting process. This will help in ensuring the quality of work is on par with the gold standard.
3. Principle of sincerity: The accountant must ensure that the financial reporting is accurate And data is taken from credible resources. This will ensure that the company can take correct financial decisions based on the accounting record.
4. Principle of the permanence of methods: All the financial reports of a company's transactions should be prepared with the same methodology. This will help in accurate comparison and clarity of transaction history at all times.
5. Principle of non-compensation: All the information regarding the expenditure, income, and debts should be mentioned without any discrepancy. A transparent reporting should be there without any assumed expectation of debt compensation.
6. Principle of prudence: The accounting should be done on evidence-based data that show proof of transactions. Assumptions regarding losses or gains should not be the sources of any accounting decisions.
7. Principle of continuity: Assets and liabilities must be analyzed while recording but with the presumption that the business will continue to operate regardless.
8. Principle of periodicity: The standard accounting periods should be considered while doing the reporting. Students often require accounting assignment. help for finishing their assignments on the topics of various accounting periods.
9. Principle of materiality / good faith: Correct information must be included in the accounting reports such that the accurate condition of a company's finances is clear to the one analyzing the report.
10 . Principle of utmost good faith: All the company's liabilities should be honest with providing the correct information of transactions.