![]() ![]() These principles are made up of 3 main combinations of rules. These guidelines are known as the generally accepted accounting principles (GAAP). They rely on the basic principles so as to create more complex and detailed guidelines on how to conduct accounting activities. Accounting principles are relied on by professional bodies such as the Financial Accounting Standards Board (FASB). ![]() These are basic guidelines for the creation of accounting rules and standards. In addition to that, an excellent example of modern software for this field is revealed. These accounting principles are explained and explored below. ![]() Together, these guidelines create a foundation upon which more complex accounting regulations are formed. They are known as the basic accounting principles. This field of activity is monitored and governed through a collection of generally accepted rules. It is a systematic process through which financial data is identified, recorded, interpreted and communicated. Accounting is one of the most important activities in modern commerce. ![]()
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