The process of classifying, recording and summarizing and interpreting financial information is _______________.

A business and its owner are two separate entities.

We should report all the business transactions or events in Ringgit Malaysia

Business activities can be divided into specific periods for example a month, a quarter, six months or a year.

Business should record the business activities based on the cost value or the actual price stated in the source document.

This principle helps business to determine the profit or loss incurred for the period by deducting the related expenses.

Business should report relevant, reliable, timely, unbiased and free form mistakes or errors information.

Business must avoid overstating values of assets and revenue, and understanding liabilities and expenses when recording.

Accounting records and reports must be based upon objective evidence.