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Characteristics of Accounting Principles

  • Accounting principles are uniform set of rules or guidelines developed to ensure uniformity and easy understanding of the accounting information
  • Accounting principles are man-made and are derived from past experience, usage or customs, statements by individuals and professional bodies and regulations by government agencies
  • Accounting Principles are not static and are bound to change with the passage of time due to change in business practices, government policies etc. 

Note : Accounting principles must satisfy the following conditions:
• They should be based on real assumptions
• They must be simple, understandable and explanatory
• They must be followed consistently

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