Accounting principles
5 Basic accounting principles
Accounting principles are essential rules and concepts that govern the field of accounting, and guides the accounting process should record, analyze, verify and report the financial position of the business.
There are 5 basic accounting principles which are the rules and guidelines that companies must follow when reporting financial data.
Principles of accounting are;
- Revenue Recognition Principle,
- Historical Cost Principle,
- Matching Principle,
- Full Disclosure Principle, and
- Objectivity Principle.
Three main rules of accounting:
Debit the receiver and credit the giver. …
Debit what comes in and credit what goes out. …
Debit expenses and losses, credit income and gains.
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AGX team of accounting & bookkeeping experts provide monthly review and updates of tax returns and all other financial statements.
Top 10 Accounting Software mostly used in UAE
1 – QUICKBOOKS ACCOUNTING SOFTWARE: …
2 – SAP ERP: …
3 – ODOO OPEN SOURCE ERP AND CRM: …
4 – ZOHO – A REVOLUTIONARY FTA ACCREDITED SOFTWARE. …
5 – SAGE ERP: …
6 – TALLY ERP 9:
7 – XERO. …
8 – MICROSOFT DYNAMICS AX: