| Requires every business to be accounted for separately |
|
|
| Requires that assets are recorded at their original cost |
|
|
| Requires that revenues are recorded when actually earned |
|
|
| Requires offsetting the revenues earned with the expenses incurred |
|
|
| Assumes that a business will continue operations indefinitely |
|
|
| Requires transactions and events to be measured in money |
|
|
| Dividing up and reporting results for periods of operation such as months, quart |
|
|
| Recording assets such as land at original cost and ignoring increases in value. |
|
|
| Applying the same accounting methods in each period. |
|
|
| Omitting insignicant information from financial reports. |
|
|
| Following the practices of similar types of businesses. |
|
|
| Applied to inventory or marketable securities. |
|
|