Accounting is an art of collecting, recording, summarizing and presenting the financial information in meaningful output. The person who does the accounting is called “Accountant”. The accountant follows some principles to do accounting; the principles are called ‘Accounting Principles”. Accounting assumptions are the fundamental base for applying accounting principles. Accounting principles are rules and guidelines to do accounting for different business situations and transactions. To Match: The statement with the accounting principles.

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Chapter 1, Problem 7E

Summary Introduction

Concept Introduction:

Accounting is an art of collecting, recording, summarizing and presenting the financial information in meaningful output. The person who does the accounting is called “Accountant”. The accountant follows some principles to do accounting; the principles are called ‘Accounting Principles”. Accounting assumptions are the fundamental base for applying accounting principles. Accounting principles are rules and guidelines to do accounting for different business situations and transactions.

To Match: The statement with the accounting principles.

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