Principles of Accounts
In POA their are several underlying principles that must be applied. Explain each and add other principles you are aware of?
Contents
The money measurement principles[edit]
which assumes that all transactions are measured in monetary terms
The going concern concept[edit]
which assumes that the business is continuing (ie it is a going concern)
The accrual concept/Matching Principle[edit]
The consistency concept[edit]
The double entry principle[edit]
That every transaction has at least 2 entries
