What do you mean by basic accounting principles? Define all of them.

Basic accounting principles, being man-made, are based on logic and practical experience. They are thus not so exact as the principles of natural sciences. They are modified from time to time to meet the changing needs of business.

These principles are:

• The Revenue Principle
• The Historical Cost Principle
• The Matching Principle
• The Full Disclosure Principle
• The Verifiable Objective Principle
• The Dual Aspect Principle