accounting principle

US /əˈkaʊntɪŋ ˈprɪnsəpəl/
UK /əˈkaʊntɪŋ ˈprɪnsəpəl/
"accounting principle" picture
1.

a rule or guideline that companies must follow when reporting financial data

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Understanding the fundamental accounting principles is crucial for financial analysis.
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The company adheres strictly to generally accepted accounting principles (GAAP).
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accounting standardfinancial reporting standard
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principleprincipledaccountaccountingaccountabilityaccountantaccountable