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What is 5 basic bookkeeping principles?
5-basic Principles of Bookkeeping
1. Principle of double entry
each transaction is entered twice in the books of accounts. For every debit there must be a corresponding credit.
2. Principle of recording
all accounting entries emanate from a source document. This is the authority for entry into journals (general & specialist journals)
3. Principle of profit determination
the life of a business is divided into time periods. Revenue & expenses from those
periods can be matched to determine whether a profit or loss has been obtained.
4. Principle of reporting
accounting information is to be conveyed to a person without accounting knowledge in a clear, logical and understandable form.
5. Principle of control
Accountants & bookkeepers must be constantly alert to ensure that the accounting practices minimise the chances of error and fraud.
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