Accrual Principle (अक्‍स्रुअल प्रिंसिपल): Record revenues and expenses when they actually occur, not just when cash is received or paid. This gives a more accurate picture of your company’s performance. For example, if you make a sale in December but get paid in January, record it in December. Consistency Principle (कंसिस्टेंसी प्रिंसिपल): Use the same accounting methods each year. This makes comparing financial results over time easier and ensures your reports are reliable. So, if you use a certain method to calculate depreciation, stick with it year after year. Going Concern Principle (गोइंग कंसर्न प्रिंसिपल): Assume the business will continue operating in the future. This affects how you value assets and make long-term decisions. It helps ensure that your financial reports reflect the true health of the company.Understanding these principles helps you make better financial decisions and keep accurate records.Stay tuned with KONCEPTOPEDIA for more insights!