The measurement $($cost$)$ principle states that:

revenue is recorded when products and services are delivered to customers

financial statements must reflect the assumption that the business continues

operating

each business is accounted for separately from its owner$($s$)$

accounting information is based on actual costs incurred in the transactions

the life of the company can be divided into time periods

a company must report details behind financial statements that would impact

users' decisions

a company must record the expenses incurred to generate the revenues reported