The statement that best describes accounting principles in general is (a) They outline the fundamental rules and concepts and establish the framework on which detailed accounting standards are based.
How to determine the accounting principle?
The statements that complete the question are added as attachment
There are several principles of accounting;
Some of them include:
- Principle of reliability
- Principle of matching
- Principle of cost and objectivity
All the above principles and several others are driven by the same concept.
The concept include setting standards and creating frameworks that guide the career.
Hence, the statement that best describes accounting principles in general is (a)
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