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Requires a high degree of consensus among individuals on a given measurement. The use of consol dated statements is justified Rationale why plant assets are not reported at liquidation value. Ensures that all relevant financial information is reported. Indicates that market value changes subsequent to purchase are not recorded n the accounts. Intangibles are capitalized and amortized over periods benefited. A company charges its solos commission costs to expense in the income statement increase in assets less liabilities during the year, after ignoring distributions to owners and investments by owners Items characterized by service potential or future economic benefit. Reporting must be done at defined time intervals. An allowance for doubtful accounts is established. Lower-of-cost-or-market is used to value inventories. Enables investors and creditors to forecast future bond for the company. Issuance of interim reports is an example of this quality of accounting information. Arise from activities that constitute the entity's ongoing major or central operations. Ignores the economic consequences of a standard or rule. Repair tools are expensed and not capitalized when purchased. The dollar is used to report on financial performance