Q&A: What are the accounting concepts used in preparing a balance sheet and an income statement?

Question by Skylar Gabriels: What are the accounting concepts used in preparing a balance sheet and an income statement?
I know one of them is the historical cost concept and another is the Recognition Principle.

Can any one tell me the concepts used? this is my actual question that i need to answer:

"Describe, with examples, the accounting concepts that are applied
when preparing the Income Statement and the Balance Sheet."

what do they mean by example? and can anyone explain them to be please. I am so lost right now :(

Much appreciated to anyone who can help ^^

Thank you


Answer
Answer by Zarg222read chapter one of your textbook

What do you think? Answer

Corporate Finance