Match the textbook definition on the It Assumes that the entity being accounted fo will remain in business for an indefinite period of time. The concept that directs that the measurement with the least favorable effect on net income and financial position in the current period be selected. Assumes that the entity can be accounted for with reasonable accuracy for a particular period of time. The concept that exempts immaterial items from the concepts and principles that bind the accountant, and allows these items to be handled in the most economical and expedient manner possible. A concept that generally recognizes revenue when (1) the earning process is virtually complete and (2) the exchange value can be objectively determined