Match the textbook definition on the The viewpoint that the business (or entity) for which the financial statements are prepared is separate and distinct from the owners of the entity. The concept that determines the revenue and then matches the appropriate cost incurred in generating this revenue. Accounting reports must disclose all facts that may influence the judgment of an informed reader. The recording of events that affect the financial position of the entity and that can be reasonably determined in monetary terms. The cash equivalent price of goods or services at the date of acquisition