The “balancing” aspect of accounting on life: Accounting principles and life quality

When people talk about accounting, they equate it to some boring concept of spreadsheets and numbers. However, when you relate it to life, you realize that it is an essential skill that enables people and business entities to manage their resources, make informed and meaningful decisions, and meet their goals. There are various accounting principles that guide people when accounting for the resources and they all work towards improving the quality of life.

Accounting principles

1. Going concern

2. Consistency

3. Materiality

4. Full disclosure

5. Revenue recognition

6. Conservatism

7. Objectivity

8. Accrual

9. Matching

Stay on the blog as we explore the fascinating field of accounting and how applying the above principles enhances the quality and purpose of general life.

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