Question: 1. Are the basic accounting principles that all businesses should follow? 2. What is the principle of conservatism in accounting, and how does it impact

1. Are the basic accounting principles that all businesses should follow?

2. What is the principle of conservatism in accounting, and how does it impact financial reporting?

3. How does the matching principle help ensure accurate financial statements?

4. What is the importance of the consistency principle in accounting, and how does it affect financial reporting?

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