If I were a store manager I feel that the most important of all the accounting principles would be the materiality principle. This particular principle relates to the impact in which specific items relate to a firm's or company's overall financial condition and operations. If an item holds no impact on a decision maker, investors or creditors, then the relating GAAP principles do not have to be followed. A managers job is very stressful when only having to deal with the basic aspects of running a business, this rule creates a loop hole to shorten the work load and inevitably lower a persons stress level. If you can be certain that GAAP principles do not have to be followed then there are less guidelines and less of an error rate in paper work. Overall I feel that it creates an easier job and a better performance level for the manager.
             Now, if I were to look at the importance of accounting principles from the view point of a stockholder I would have to hold the full disclosure principle to be of more importance. The full disclosure principle requires that events and any circumstances that might make a difference to financial statement users be disclosed. This would include any pending law suits in which a loss was probable. If I had a sum of money invested in a company I would definitely like to be made aware of any contingent losses or other factors that may cause me to lose money.
             The most important principle of accounting, from the point of a bank loan officer, I feel would be the revenue recognition principle. The revenue recognition principle is defined as revenue should be recognized or reported in the accounting period in which it is earned. This keeps the books from being inflated from one month compared to the next. If I was going to allow the bank that I work for to invest money in a company then I would like to feel secure in the capital that they put up as insurance on the loan.
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