1. Economic entity assumption 2. Going concern assumption 3. Monetary unit assumption The use of accruals and deferrals in adjusting the accounts 4. Periodicity assumption Using the Canadian dollar in the financial statements 5. Historical cost principlek Accounting information reflects the economic substance of the event or transaction. 6. Revenue recognition principle DOPO The earning process is completed and realized or realizable. 7. Matching principle 8. Full disclosure principle Quarterly financial reports 9. Relevance Useful standard measuring unit for business transactions. 10. Reliability 11. Comparability 12. Representational faithfulness