My definition of accounting is largely influenced by the prior knowledge and experience that individuals have with this discipline. For those with some experience in accounting, my definition is likely to be concise and accurate. However, for those without any prior experience in the field, they may need more explanation or guidance in order to fully comprehend what is meant by “accounting principles”.
It is my belief that by spending time researching the history of double-entry accounting, and other key accounting theories like accrual basis and double-entry bookstaing everyone will be able to better understand this concept. In addition, real-life examples are useful when explaining the application of these principles in certain scenarios. This allows people to see that they need to follow specific rules in order to record financial transactions accurately and ethically.