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 Accrual principle

 Conservatism principle

 Consistency principle

 Cost principle

 Revenue recognition principle

 Full disclosure principle

 Economic entity principle .

Qualities of useful accounting information

There are four (4) qualitative characteristics of accounting information that serve as the basis for

decision making purposes in accounting:

 Relevance: information makes a difference in decision making

 Reliability: information is verifiable, factual, and neutral

 Comparability: information can be used to compare different entities

 Consistency: information is consistently presented from year to year .

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