POSTULATES

 Going concern: the company will sustainable, unless there is evidence to the
contrary
 Time period: Creates definite time segments out of what is a continuing process.
For each company, the time period is different
 Accounting entity: a business entity must be separated with its owner. Defining
the entity and accounting for the relationship between them is usually came as a
problem.
 Monetary units: Financial Statements are expressed in terms of monetary that
are stable

PRINCIPLES
There are Input Oriented Principles which contains of

 Rules of Operation : Recognition, Matching

 Constraining Principles : Conservation, Disclosure, Materiality, Objectivity

And then there are Output Oriented Principles

 Applicable to Users: Comparability

 Applicable to Preparers: Consistency & Uniformity