Separates Financial Information Into Time Periods For Reporting Purposes

Requires recognition of expenses in the same period as related revenues. Monetary Unit Assumption. Assumes that the dollar is the measuring stick used to report on financial performance. Periodicity Assumption. Separates financial information into time periods for reporting purposes. Historical Cost Principle. Indicates .Requires that accounting standards be followed for all significant items. Separates financial information into time periods for reporting purpose. Requires recognition of expenses in the same period as related revenues..Requires that accounting standards be followed for all items of significant size. Separates financial information into time periods for reporting purposes. Requires recognition of expenses in the same period as related revenues..Monetary unit assumption. assumes that the dollar is the "measuring stick" used to report on financial performance. Materiality. requires that accounting standards be followed for all items of significant size. Periodicity assumption. separates financial information into time periods for reporting purposes. Expense recognition .