fundamental accounting concepts/principles


fundamental accounting concepts/principles
The basic assumptions which all companies must follow when preparing their accounts. When a set of accounts is prepared, it is assumed that these principles have been followed. The fundamental accounting principles are Going Concern, Accruals, Consistency, Prudence and No Netting Off. The first four are also known as fundamental accounting concepts. Dresdner Kleinwort Wasserstein financial glossary

Financial and business terms. 2012.

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