Accounting Concepts

There are some basic principles that guides how accounting information is reflected in the financial statements. To help you understand why some accounting information is reported a certain way in show your understanding. Please do not copy a definition and repeat if back to me without any comprehension of the meaning:

The Economic Entity Concept

The Cost Principal

Matching Principal

Revenue Recognition Principles

Full Disclosure Principle

NO COPY PASTE, NEED ONLY ORIGINAL WORK