| A | B |
|---|
| Accounting will be recorded on the basis of objective evidence | Objectivity Principle |
| Accounting for a business should be fair and reasonable | The Principle of Conservatism |
| Revenue should be recorded in the accounts at the time the transaction is completed | The Revenue Recognition Convention |
| Accounting for purchases must be at the cost price to the purchaser | The Cost Principle |
| A business should use the same accounting methods and procedures from period to period | The Consistency Pricniple |
| Accountants should include in a firm's financial statements any information that could be considered material (or important) to the users of that financial information | The Materiality Principle |
| All information needed for a full understanding of a company's financial statements must be included with the financial statements | The Full Disclosure Principle |
| Accounting should take place over specific time periods known as fiscal periods | The Time Period Concept |
| The accounting for a business or organization should be kept separate from the personal affairs of its owners, or from any other business or organization | The Business Entity Concept |
| Assumes that abusiness will continue to operate unless it is known that it will not. | The Going Concern Concept |
