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Eligibility for MBA: - If you have to do MBA then you will have to pass the Graduation with Minimum 50% marks from a recognized univers…

Accounting Principle-MBA TOPIC

Theory Base of Accounting
 All About MBA TOPIC| Main aim of accounting is to provide information about the financial performance of a firm to its various users such as Owners, Managers, Investors, Creditors, suppliers of goods and services and Tax Authorities so that they may take important decisions.

For making the accounting principle & concept information meaningful to an its-internal and external user, it’s important that such information is reliable as well as comparable. The comparability of information is required at both levels to make inter-firm comparisons and to make inter period comparisons. This is possible only when the information provided is based on consistent accounting policies, principles, and practices. This arises the need for developing a proper theory base of accounting.


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Theory base of accounting consists of principles, concepts, conventions, rules, and guidelines developed over a period of time to bring uniformity and consistency to the process of accounting in order to enhance its utility to various users of accounting information. In addition, accounting standards issued by The Institute of Chartered Accountants of India (ICAI) also constitute the theory base of accounting.

Meaning of Accounting Principle
MBA TOPIC | Earlier accounting statements were largely needed by the proprietor. But nowadays the accounting statements are needed by various parties who have an interest in the business, namely, proprietors, investors, creditors, government and many others. Accounting statement disclose the profitability & solvency of the business to various parties. It is, therefore, necessary that such statements should be prepared according to the same standard language and set rules.
These rules are called 'Generally Accepted Accounting Principles' (GAAP). These principles have been generally accepted by accountants all over the world as general guidelines for preparing the accounting statement. (accounting principle & concept)

"Principle of Accounting is the general law or rule adopted or proposed as a guide to action, a settled ground or basis of conduct or practice”.

                                                                   -The American Institute of Certified Public Accountant

Thus, Generally Accepted Accounting Principles  refer to the rules or guidelines adopted for recording & reporting of business transactions, in order to bring uniformity in the preparation and presentation of financial statements.
The Generally Accepted Accounting The principle has evolved over a long period of time on the basis of past experiences, usage or custom, statements by individuals and professional bodies & regulations by government agencies and have general acceptability among most accounting professional.

Features of Accounting Principles

Following are the features or characteristics of accounting principles
1. Accounting Principles Ensure Uniformity and Understandability. Accounting Principles are a uniform set of rules or guidelines recommended for use by all enterprises to ensure uniformity and understandability.
2. Accounting Principles are Man-made. Accounting principles are man-made. These principles are the best possible suggestions derived from experience and reason. They lack universal applicability like the principles of physics, chemistry and other natural sciences.
3. Accounting Principles are rot Static but Flexible. Accounting principles are 

not static or permanent. These change with time in response to the changes in business 

practices, government policies, and needs of the users of accounting information.

4. Accounting Principles are Generally Accepted. The general acceptability of an accounting principle usually depends upon how well it meets the criteria of relevance, objectivity, and feasibility.
(i) Relevance. Accounting Principles are relevant if they result in information that’s useful to the user of accounting information.
(ii) Objective. Accounting Principles are objective if they aren’t influenced by the personal bias of the persons preparing the accounting information. 

(iii) Feasible. Accounting Principles are feasible if they can be applied without undue complexity & cost.

The need for Accounting Principles

In order to make the accounting information meaningful to its internal and external users, it is significant that such information is reliable as well as comparable. The comparability of information is required to see how a firm has performed as compared to the other firms and how it has performed as compared to the previous years. This becomes possible only if the information provided by the financial statement is based

on some set rules are known as policies, principles and conventions. These rules (usually called GAAP) bring uniformity and consistency to the process of accounting and enhance its utility to different users of accounting information.

We hope you like this article (accounting principle & concept) & also help you to know about MBA TOPIC.