Going concern is a basic underlying

assumption in accounting. The

assumption is that a company or other
entity will be able to continue operating
for a period of time that is sufficient to
carry out its commitments, obligations,
objectives, and so on.
The monetary unit concept is an
accounting principle that assumes business
transactions or events can be measured and
expressed in terms of monetary units and
the monetary units are stable and dependable.
In other words, the language of business and
finance is money.
Accrual concept is the most fundamental
principle of accounting which requires
recording revenues when they are earned
and not when they are received in cash,
and recording expenses when they are
incurred and not when they are paid.
The revenue recognition principle is a cornerstone
of accrual accounting together with the matching
principle. They both determine the accounting
period, in which revenues and expenses
are recognized. ...
Accrued revenue: Revenue is recognized before
cash is received.
The matching principle is one of the basic underlying guidelines in
accounting. The matching principle directs a company to report an
expense on its income statement in the same period as the related
revenues. ... However, not all costs and expenses have a cause and
effect relationship with sales or revenues.
The cost principle is one of the basic
underlying guidelines in accounting. It is
also known as the historical cost
principle. The cost principle requires
that assets be recorded at the cash
amount (or its equivalent) at the time
that an asset is acquired.
The conservatism principle is the general
concept of recognizing expenses and
liabilities as soon as possible when there
is uncertainty about the outcome, but to
only recognize revenues and assets
when they are assured of being received.