Question

Discuss two accounting principles that are, in
your opinion, the most important and form the
foundation of modern-day accounting. Explain
the reasons for your choices.

Answer 1

Answer:

Revenue Principle and Cost Principle

Explanation:

Revenue principle  defines a point in time when bookkeepers may record a transaction as revenue on the books. This principle states that revenue for the business is earned and recorded at the point of sale.

Cost Principle states that you should use the historical cost of an item in the books, not the resell cost.