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In order for the readers of these financial statements to make comparisons with other companies, it is necessary that the financial statements follow some common rules. The rules are referred to as generally accepted accounting principles or GAAP (pronounced gap) and consist of several components. One component of GAAP is the basic or fundamental accounting principles and concepts such as cost, matching, going concern, economic entity, materiality, conservatism, consistency, reliability, and others. You can see a brief explanation of these basic principles along with an example of each at AccountingCoach.com.

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The Accounting Coach is a former university instructor known for his clarity in presenting accounting information. He now spends his time developing a free website of accounting material, http://www.AccountingCoach.com