Going concern - It presumes that the entity will continue in operation for the foreseeable future and has neither nor the intention to liquidate or significantly reduce the scale of operations., Business entity - From an accountinh perspective the business is treted as being separate from its owners. Information in the financial statements relates only to the activities of the business., Accruals basis - Transactions should be reflected in the financial statements for the period which they occur. This means that income should be recognised as it is earned and expenses when they are incurred, rather than when the cash is received or paid., Materiality - Relates to significance of transactions, balances and errors that may be within the financial statements., Consistency - This requires that, when a business adopts particular accounting policies, it should continue to use such policies consistently., Money measurement - This concept states that an accounting transaction should only be recorded if it can be expressed in terms of money. , Prudence - This principle requiries that caution is exercised when making judgements under conditions of uncertainty. This means that, where any doubt, a conservative (lower) figure for profit and the valuation of assets should be reported.,

Accounting principles

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