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Going concern assumption

Is the rationale for why plant assets are not reported at liquidation value. (Do not use the cost principle.)

Economic entity assumption

Indicates that personal and business record-keeping should be separately maintained.

Full disclosure principle

Ensures that all relevant financial information is reported.

Monetary unit assumption

Assumes that the dollar is the "measuring stick" used to report on financial performance.


Requires that accounting standards be followed for all significant items.

Time period assumption

Separates financial information into time periods for reporting purpose.

Matching principle

Requires recognition of expenses in the same period as related revenues.

Cost principle

Indicates that market value changes subsequent to purchase are not recorded in the accounts.

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