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revenue recopnitien principle, matching prisciple, concept of actuaating comsistrncy. business entity concept, mesctary enit acrumpthes, Joing cescrrs coacept full disclevure pribeiple, historical cost priaciple, accraal priociple, time peried assumption 1. principle states that all business entities should be accouested for icparately. 2. buvinesses should be treated as if they will continoe to operate indefinitely or at least long enough to accomplish their objectiven 3. expenses stould be recogrized and reconded when these expeses can be matched with the revenues those expenses helped to gencrate 4. alf business transactions and relationihips can be expresised in terms of moncy of monetary units 5. companies should use the same accounting methods to record similar transactions over time 6. businesses can divide up their activities into artificul time periodr - periodicity assumption or time period assumption 7. businesses must record and account for most assess and fabditics at their purchase or acquisition price 8. revenues and expenses are recorded as they are eamed and incurnnt, not necesarily. when cash is received or paid Exercise 2 Identify and fill in the blanks 1. Under the accrasl basis of accounting, incoeme is repegnued when 2. - refers to the assumption than an entity will cciat indefinitely in the absence of evidence that suggest otheraise. 3. The means that the indefinite life of an entity a subdivided into equal periodk. 4. means that a specific bwincss entcrprive is censidered one accounting entity, seperale and distinct froen its ownen. 5. What are the two characteristics of the monctary unit assimptioe? 6. The stales that expenses are recogrized in the period the related revenucs are camed