Historical cost principle - Assets and liabilities are measured at cost or actual price., Objectivity principle - Each transaction must be recorded based on objective evidence., Full disclosure principle - All material information that are useful in decision making should be disclosed in the financial statements., Accrual-based accounting - Expenses are recorded when they are incurred and revenues are recorded when they are earned., Economic entity concept - Business and owner are two separate entities or units., Monetary unit assumption - Only items that can be expressed in money terms are recorded in the financial statements., Going concern - Financial activities of a business are assumed to be in operation for an indefinite period of time., Materiality - Items recorded are important and significant which would influence the economic decisions of the users., Periodicity assumption - The time interval which requires a business to produce its financial performance within a specific time period., Consistency concept - Items recorded are made the same way from year to year to achieve meaningful comparability., Neutrality - Accounting information should be free from all biasness and should completely reflect the picture of the entity according to the information provided.,

Principles, Concepts, Conventions & Assumptions

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