1. All transactions and other items to bе accounted for must be in a single, supposedly stable monetary unit. This requires multinational companies to convert their consolidated statements into a single currency.
   The continuity or going-concern assumption
   The unit-of-measure assumption
   The time-period or accounting period assumption
   The historic cost principle
   The revenue or realization principle
   
2. Financial data must be reported for particular (short) periods, which makes accrual and deferral necessary. This means that each company has its own financial year (US: fiscal year).
   The separate-entity or accounting entity assumption
   The unit-of-measure assumption
   The time-period or accounting period assumption
   The historic cost principle
   The revenue or realization principle
   
3. Revenue is realized at the moment when goods are sold (or change hands) or when services are rendered. This is why balance sheets often contain an entry for debtors; goods that have been sold, but are not yet paid for.
   The separate-entity or accounting entity assumption
   The continuity or going-concern assumption
   The unit-of-measure assumption
   The historic cost principle
   The revenue or realization principle
   
4. The initial price paid for the acquisition of assets is the one that is recorded in accounts. This implies that the current market value of fixed assets is irrelevant, as they are not for sale.
   The continuity or going-concern assumption
   The unit-of-measure assumption
   The time-period or accounting period assumption
   The historic cost principle
   The revenue or realization principle
   
5. This convention states that the business and the owner are separate for accounting purposes. For example, the private house is not a business asset and should not be included in the balance sheet if it were not used for business purposes.
   The separate-entity or accounting entity assumption
   The continuity or going-concern assumption
   The unit-of-measure assumption
   The time-period or accounting period assumption
   The revenue or realization principle
   
6. In accordance with this convention, each transaction has always two effects, equal in value and opposite in their effect on the balance sheet.
   The continuity or going-concern assumption
   The unit-of-measure assumption
   The time-period or accounting period assumption
   The revenue or realization principle
   Duality
   
7. This convention says that accounting deals with only those aspects of business which can be assessed in monetary terms.
   Money measurement
   The continuity or going-concern assumption
   The unit-of-measure assumption
   The time-period or accounting period assumption
   The revenue or realization principle
   

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