WHAT ARE THE BASIC PRINCIPLES OF BOOKKEEPING?

Hey All,

I have been working as a bookkeeper for a long time. I have studied accounting and have been updating myself about the laws and regulations in my state to maintain accurate records. Besides the knowledge gained from experience, there are certain benchmarks that need to be maintained to manage finances effectively. These include the basic principles of bookkeeping, such as revenue recognition, objectivity, full disclosure, cost and more. As a business owner, entrepreneurs need to be aware of these methods and their usage in a business. It helps them understand the working mechanism behind the calculations. Here is an article that will help you understand these principles in a better way.

https://www.agibookkeeping.com.au/what-are-the-basic-principles-of-bookkeeping/