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All relevant information should be included in the financial reports.
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In case of doubt, assets and income should not be overstated.
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Assume that the company will continue indefinitely.
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All transactions should be supported by unbiased evidence.
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Expenses should be recorded in the period when the revenue is generated.
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Minimal costs incurred should be recorded as an expense.
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A Philippine company should report financial statements in pesos.
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A barber who performs services for a client should record revenue.
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Statement of Financial position should be recorded as of December 31, 2015.
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A company that purchases furniture should record it at its acquisition price.