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Here are the 13 key accounting principles summarized:<br><br>Accrual Principle: Record revenues/expenses when incurred, not when cash changes hands.<br>Consistency Principle: Use consistent accounting methods for comparability.<br>Conservatism Principle: Choose the least favorable outcome when uncertainty exists.<br>Going Concern Principle: Assume the business will continue operating.<br>Cost Principle: Record assets at their original purchase price.<br>Revenue Recognition Principle: Recognize revenue when earned, not necessarily when received.<br>Expense Recognition (Matching) Principle: Match expenses to related re
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13 Key Accounting Principles
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