Generally accepted

accounting Equality of
principles are
Sums
supported by a
structure written by
the Accounting
Principles Belonging
Committee Accounting
principles

Relative
Value

The primary
objective of
financial reports is
to provide useful
Generally information to Quantificat
accepted make investment ion or
accounting and loan Realization
principles. decisions..

Objectivity

Other
Principle Entity
s

To be useful, the
information must cost
be relevant,
reliable and
comparable.

Accounting
 each transaction
has two entries, one
as a debtor and one
as a creditor

refers to the
properties or assets
of the company.

They are all

creditors of the
business
(Liabilities).

only those facts that

can be expressed in
monetary terms.

It is subject to
verification by
independent experts.

must be taken separately from

the owner's personal finances

accounting records
must maintain the
historical cost of an
asset while the
business retains it

ules to guide behavior in

a way acceptable to
most people
ules to guide behavior in
a way acceptable to
most people