PRINCIPLES OF ACCOUNTING I

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Fundamental accounting principles, such as the cost principle and revenue recognition principle, form the foundation of financial understanding in business. Accounting serves as the language that reveals a company's financial status, organized into financial statements. Key statements include the Balance Sheet, which details assets (what a business owns), liabilities (what it owes), and capital or owners' equity. Additionally, the Income Statement provides insight into revenues and expenses, helping to analyze financial transactions and overall business performance.