Question:

Difference between Accounting Principle and Accounting Policy?

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Difference between Accounting Principle and Accounting Policy?

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  1. Well principle accounting is that set of rules and regulations which are made by accounting bodies and governing bodies.......while Accounting Policy is the applied concept/ standard within an organization. This organization can be large/ small, specific to a business unit, specific for a particular transaction etc. and which is ended after specific time period!

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