Question

Accounting principles are ________ which are adopted by the accountant universally while recording accounting transaction.

• A. Rules of action or conduct
• B. Which you can change as per accountant
• C. Which keep changing every year
• D. None of these

Answer 1

The correct option is A Rules of action or conduct

Accounting principles may be defined as, "those rules of conduct or procedure which are adopted by the accountants universally, while recording the accounting transactions."

The accounting principles can be classified into two categories:

I. Accounting Conventions;

II. Accounting Concepts.