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Buisness entity assumption, cost principle, full disclosure principle, general accouunting principle, going concern assumption, Matching principe, revenue recognition principle, specific accounting principle.

A company reports details behind financial statements that would impact users' decisions Financial statements reflect the assumption that the business continues operating A company records the expenses incurred to generate the revenues reported. Derived from long-used and generally accepted accounting practices such as the concepts, assumptions, and guidelines for preparing the financial statements Each business is accounted for separately from its owner or owners. Revenue is recorded when products and services are delivered Usually created by a pronouncement from an authoritative body Information is based on actual costs incurred in transactions