Accounting is a language of business to be communicated to all users irrespective of their status or nationality.
A principle is a statement which reflects the fundamental truth about some phenomena.It tells what results are expected when the principle is applied.In other words, the term "principle" means rule of action or conduct.It is defined as a guidance to actions, a settled ground or basis of conduct or practice .Hence accounting principles serves as a explanation of current practices and as a guide for the selections of conventions or procedures where alternative exists
A principle is a statement which reflects the fundamental truth about some phenomena.It tells what results are expected when the principle is applied.In other words, the term "principle" means rule of action or conduct.It is defined as a guidance to actions, a settled ground or basis of conduct or practice .Hence accounting principles serves as a explanation of current practices and as a guide for the selections of conventions or procedures where alternative exists
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