what is accounting principle?

The rules and guidelines that companies must follow when reporting financial data. The common set of accounting principles is the generally accepted accounting principles (GAAP). To remain listed on many major stock exchanges in the U.S., companies must file regular financial statements reported according to GAAP. Accounting principles differ around the world, and countries usually have their own, slightly different, versions of GAAP.

Since accounting principles differ across the world, investors should be aware of these differences and account for them when comparing companies in different countries. The problem of differences in accounting principles does not much affect mature markets. Still, investors should be careful, since there is still leeway for the distortion of numbers under many sets of accounting principles

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Hi Nishi,

Accounting Priciples doesn't apply only to companies, but they are applicable at followed while accounting in general. Even the accounts of a small retailer must be in comliance with accounting principles. These are the fundamental concepts which gives the basis to form judgements in various matters connected with accounting.

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hi thanx rohit........

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love u baby! but whos ds chape nishi!! :P

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 calndr yrr n financial yr

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hi juni such type of comments are not allowed on meritnation.....mind ur language.....

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Write down the process of Accounting
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The rules and guidelines that companies must follow when reporting financial data. The common set of accounting principles is the generally accepted accounting principles (GAAP). To remain listed on many major stock exchanges in the U.S., companies must file regular financial statements reported according to GAAP. Accounting principles differ around the world, and countries usually have their own, slightly different, versions of GAAP.

Since accounting principles differ across the world, investors should be aware of these differences and account for them when comparing companies in different countries. The problem of differences in accounting principles does not much affect mature markets. Still, investors should be careful, since there is still leeway for the distortion of numbers under many sets of accounting principles
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What are 'Accounting Principles'
Accounting principles are the rules and guidelines that companies must follow when reporting financial data. The common set of U.S. accounting principles is the generally accepted accounting principles (GAAP). To remain listed on many major stock exchanges in the United States, companies must regularly file financial statements reported according to GAAP.
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Accounting principles are the rules which are followed for giving accounting treatment to various items of assets,liabilities,income and expenses.
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Accounting principle refer to those amount invested by propritor in any interprises and firm known as accounting principle
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It is a norms and regulations of accounting to maintain uniformity.
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A number of basis of accounting principle have been developed through common usage... Conversation principle. This is the concept that you should record expenses and liabilities as soon as possible,but to record revenue and assets only when are sure that they will ocvur
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Accounting principles are the basic rules within which accounting operates
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Accounting principles are the rules and guidelines that companies must follow when reporting financial data
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The principle of accounting is as follows
1) Cash basis
2) Accrual or Mercantile basis
3) Mixed or Hybrid basis.

Accounting means the numerical qualitative presentation of business transactions of financial nature.
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HELLO EVERONE
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Accounting Principles are the one which business firms have to follow in common In accountancy process in order to gain similarity , understand easily and to promote comparability.
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