Online Business Accounting

Help me basic accounting question? Help me?

What are the basic principles of accounting?

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1. If I remember correctly, the basic principle is that there is always a balance. One one side you have your assets, which are the things like money, property, equipment, etc., and on the other side you have liabilities, which are your bills. So if you add everything up on the asset side, it should equal the total on the liability side.
2. Overview 1.1 Principle of regularity 1.2 Principle of sincerity 1.3 Principle of the permanence of methods 1.4 Principle of non-compensation 1.5 Principle of prudence 1.6 Principle of continuity 1.7 Principle of periodicity The excerpt above is from the source (link) below...read more about it...