Your question is Core Accounting Principles Explained. Take a moment with it on the right.
Talk me through your thinking if you like. When you're confident, submit your answer and I'll grade it like a real screen (7/10 or better passes).
What accounting principles do you know?
Explain the principles you would use when preparing or analyzing financial statements. Define each principle briefly and use simple examples to show how it affects reported revenue, expenses, assets, liabilities, or equity.