Final answer:
The five principles of accounting concepts are GAAP, Accrual Accounting, Double-Entry Accounting, Conservatism, and Consistency.
Explanation:
Principles of accounting concepts:
- GAAP (Generally Accepted Accounting Principles): These are a set of rules and standards that guide the preparation of financial statements.
- Accrual Accounting: Recognizes revenue and expenses when they are incurred, regardless of when cash exchanges hands.
- Double-Entry Accounting: Every transaction has equal and opposite effects in at least two different accounts.
- Conservatism: Requires accountants to choose the option that will be least likely to overstate assets and income.
- Consistency: Requires companies to use the same accounting methods and principles from period to period.
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