Mastering the Basics: The 3 Fundamental Principles of Accounting Insights from a Leading CPA and Financial Expert
A company’s accounting results are verifiable when they’re reproducible, so that, given the same data and assumptions, an independent accountant would come up with the same result the company did. Verifiably is the cumulative effect of using historical cost, objectivity, and the monetary unit principle. In the case of rules-based methods like GAAP, complex rules …