Question: Identify the basic concept or principle that is described below and state your answer in the space provided. Description of the basic concept and principle

Identify the basic concept or principle that is described below and state your answer in the space provided.

Description of the basic concept and principle

State basic concept or principle.

Only transaction data that can be accurately expressed in terms of money should be included in the accounting records. The economic life of a business can be divided into artificial time periods. The business will continue in operation long enough to carry out its existing objectives. Assets should be recorded at their cost. Every entity can be separately identified and accounted for. Circumstances and events that make a difference to financial statement users should be disclosed.

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