What Are the Principals of Accounting?

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Accounting operates using many different principals that are very important to learn and understand. Find out about the principals of accounting with help from a banking and financial expert in this free video clip.

Part of the Video Series: Accounting FAQs
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Video Transcript

Hi, I'm Lori Greer from Atlanta, Georgia and I'm here to discuss what are the principals of accounting. In The United States, generally accepted accounting principals are the accounting rules used to prepare, present and report financial statements for a wide varsity of entities. This would include publicly traded and privately held companies, non profit organizations and government authorities. This term is usually confined to The Untied States where it's commonly abbreviated as GAP however theoretically generally accepted accounting principals encompass all excepted rules. Which generally apply to accountancy in general, but not only The United States. The U.S. Security's and Exchange Commission or SEC requires that GAP be followed in financial reporting by publicly traded companies. I'm Lori Greer from Atlanta, Georgia, and we just looked at the principals of accounting.

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