In order to ensure that information is useful to investors and other external users, Generally Accepted Accounting Principles have been established.

To quickly summarize some of the accounting concepts and/or principles that apply to the accounting process, there are the following: Business entity principle - states that a business is accounted for separately from other business entities, including its owner. Going concern concept - states that the accounting information needs to reflect an assumption that the business will continue operating instead of being closed or sold. Cost principle - accounting principle that requires financial statement information to be based on actual cost incurred in business transactions. Objectivity principle - principle that prescribes independent, unbiased evidence to support financial statement information. Matching concept - prescribes expenses to be reported in the same period as the revenues that were earned as a result of the expenses. Accrual accounting concept - accounting system that recognizes revenues when earned and expenses when incurred. Consistency principle - principle encouraging use of the same accounting method(s) over time, so that financial statements are comparable across periods. Full disclosure - states that financial statements and the related disclosures should include all necessary information to prevent a user of the financial statements from being misled. Conservatism - Principle that prescribes the less optimistic estimate when two estimates are about equally likely.

do you feel that any of the accounting concepts/principles that were mentioned on the above thread, might have higher importance than the others?