1. The business will continue indefinitely into the future. This makes it unnecessary to estimate current market values every year.
   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
   
2. All data recorded should be verifiable and free from bias. This is one of the justifications for historical cost accounting, which requires no subjective assessments of replacement values.
   The matching principle
   The objectivity principle
   The consistency principle
   The full-disclosure principle
   The principle of conservatism (or prudence)
   
3. Financial reporting must include all significant information. This means that insignificant trivial expenses, like each pencil or typewriter ribbon, need not be accounted for separately, but are exempted by the principle of materiality.
   The matching principle
   The objectivity or fair presentation principle
   The consistency principle
   The full-disclosure principle
   The principle of conservatism (or prudence)
   
4. The revenues generated in an accounting period are identified with related costs whenever they were incurred. This leads to the accrual (accumulation) and deferral (postponement) of costs.
   The matching principle
   The objectivity or fair presentation principle
   The consistency principle
   The full-disclosure principle
   The principle of conservatism (or prudence)
   
5. The same methods (of inventory valuation, depreciation, etc.) must be used from one period to the next. This prevents companies selecting methods according to the inflation rate, etc.
   The matching principle
   The objectivity or fair presentation principle
   The consistency principle
   The full-disclosure principle
   The principle of conservatism (or prudence)
   
6. Where alternative accounting methods are possible, one understates rather than overstates profits. This is the contrary of recording “below-the-line” items.
   The matching principle
   The objectivity or fair presentation principle
   The consistency principle
   The full-disclosure principle
   The principle of conservatism (or prudence)
   
7. According to this convention all the figures in accounting statements should be based upon verifiable facts and free from bias. To put it differently, accounting statements should be completely truthful and reliable.
   The objectivity or fair presentation principle
   The matching principle
   The consistency principle
   The full-disclosure principle
   The unit-of-measure assumption
   

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