Accounting principles: These are the rules that a company has to follow while making financial statements. The implication of these principles is different from one country to another. The principles help the accountant to record the events and transaction correctly. To identify: The two main categories of accounting principle.

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Chapter 1, Problem 19DQ

To determine

Accounting principles:

These are the rules that a company has to follow while making financial statements. The implication of these principles is different from one country to another. The principles help the accountant to record the events and transaction correctly.

To identify: The two main categories of accounting principle.

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