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Accounting tells you whether or not you’re making a profit, what your cash flow is, what are the current value of your company’s assets and liabilities, and which parts of your business are actually making money.
Accounting theory is a set of assumptions, frameworks, and methodologies used in the study and application of financial reporting principles. Accounting theory study involves both historical foundation and newly improvised accounting practices that are added to the regulatory framework.
Accounting principles are the rules and guidelines that companies must abide by when reporting financial data. The Financial Accounting Standards Board (FASB) issues a systematized set of accounting principles in the U.S. referred to as generally accepted accounting principles (GAAP).