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There are only four.

1. Materiality: only key and material issues are recorded distinctly

2. Matching: costs are matched against the revenues which are earned by the costs and in the same period in determining performance

3. Substance Over Form: a tricky principle to explain but I will try here in lay terms: linked somehow to materiality principle and tend to report substance over form

4. Double Entry: Every credit must have a corresponding debit entry to complete a transaction record

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Q: What are 5 basic bookkeeping principles?
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