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What are the accounting principles, assumptions, and concepts?

Author:
Harold Averkamp, CPA, MBA

Definition of Accounting Principles, Assumptions, and Concepts

The basic underlying accounting principles, assumptions, and concepts include the following:

Note that the above are only the basic or fundamental underlying guidelines. The extensive generally accepted accounting principles (US GAAP) are found in the authoritative source known as the Financial Accounting Standards Board Accounting Standards Codification.

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About the Author

Harold Averkamp

For the past 52 years, Harold Averkamp (CPA, MBA) has
worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on AccountingCoach.com.

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