Read Fields text Ch. 4 Text Book – Finance and Accounting for Nonfinancial Managers Third Edition by Edward Fields Many people believe that accounting is a very exact discipline, where settled, long-term tradition and practice clearly dictate how any transaction is recorded. In reality, estimates are frequently used in accounting, and often a number of options exist for recording a transaction. Accounting principles exist to help accountants choose the best alternative, when a number of reasonable alternatives exist. Chapter 4 in the text lists and defines eight accounting principles. Additional accounting principles do exist, and can be found by researching ‘Accounting Principles’. Pick two accounting principles, from the text and/or your own research, explain those principles in your own words, and why they are important to users of financial statements. Writer – This is just a discussion post, no need for references.