1 Which of the following best describes accounting principles in general? Review Later They outline the fundamental rules and concepts and establish the framework on which detailed accounting standards are based. They provide useful financial information about a business' resources which allows users to make informed decisions. They specify how transactions and other business events should be recognized, measured, presented and disclosed in financial statements. They state that the financial transactions are recorded in the accounting period in which they occur regardless of whether cash has been exchanged. Page 1 of 16 Next Page