Accounting Concepts and Principles

All relevant information should be included in the financial reports.

In case of doubt, assets and income should not be overstated.

Assume that the company will continue indefinitely.

All transactions should be supported by unbiased evidence.

Expenses should be recorded in the period when the revenue is generated.

Minimal costs incurred should be recorded as an expense.

A Philippine company should report financial statements in pesos.

A barber who performs services for a client should record revenue.

Statement of Financial position should be recorded as of December 31, 2015.

A company that purchases furniture should record it at its acquisition price.