Dual aspect concept
Assets = Liabilities + Equity
Entity concept
Accounts are kept for an entity as distinguished from the persons associated with the entity
Asset-measurement concept
Accounting focuses on the fair value of monetary assets; Non-monetary assets are reported at an amount based on cost
Going concern concept
The accounting concept that assumes that the entity will continue to operate indefinitely and that it is not about to be sold is the going concern concept
Money-measurement concept
Accounting reports facts that could be expressed only in monetary amounts
Conservatism concept
Revenues are recognized when they are reasonably certain
Expenses are recogized when they are reasonably possible
Materiality concept
Disregard immaterial matters. Disclose important matters
Realization concept
Revenues are recognized when goods or services are delivered to the customer
Matching concept
Expenses of a period are costs associated with the revenues or activities of the period
from: Essentials of Accounting
