Principles of accounting notes

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This is about general knowledge of accounting introduction to accounting what is accounting? it is system that helps businesses track events that affect them.

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A Profit & Loss Account shows Sales, Purchases and Expenses over a period of time. If Sales are greater than Purchases and Expenses, there is a Profit.

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Generally Accepted Accounting Principles or GAAP are the set of accounting principles, concepts, and guidelines that guide the more detailed and comprehensive accounting rules, practices, and standards. There are ten major GAAP principles that have evolved over decades and serve as the foundation of accounting. In the US, every company releases its financial statements to the public.

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Fundamentals of Accounting: Meaning, Principles, Categories, and Statements Accounting is the procedure of data entry and recording, summarising, analyzing, and then reporting. This data relates to financial transactions of businesses and corporations. Operations of a business entity over an accounting period, generally a year, are keys to prepare financial statements. A company uses accounts to measure where it stands in the economic sense. They help in decision making as well as cost…

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How to study accounting effectively? Here's the study techniques tips for students studying Accountancy. This pin reveals the habits of top accountancy students. If you want to pass the boards, become a CPA, and conquer CPALE review, be sure to use these test taking tips. Student Guide Accounting 101 https://ko-fi.com/i/IO4O1IH4I2

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Initially, many countries developed their own accounting standards. All these standards were different from others in a way that each had a different approach, such as tax-oriented, principle-based, business-oriented, rules-based, and more. However, with globalization, the need was felt to unify all different standards. Or, to harmonize different accounting standards.

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