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www.currace.com Key principles of accounting include the accrual principle, which recognizes revenue and expenses when they are earned or incurred, regardless of cash flows. The matching principle ensures that expenses are matched with revenues in the appropriate accounting period. The consistency principle promotes the use of consistent accounting methods and practices from period to period.
Accounting also involves the application of various methods and techniques. For example, inventory valuation methods such as FIFO (First-In-First-Out) and LIFO (Last-In-First-Out) determine how inventory is valued and impact financial statements. Depreciation methods like straight-line, declining balance, or units-of-production method are used to allocate the cost of assets over their useful lives.
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