I am going to fail this! I don't remember anything
1. State the four GAAP Principles 2. State one assumption 3.Name one Constraint 4.state one Qualitative Characteristic
1.- Revenue Recognition: Revenue should be recognized in the accounting period in which it was earned -Matching: Expenses have to match Revenue -Full Disclosure: Always disclose all information -Cost: Record all assets at historical cost 2. Monetary Unit: Only Transactions that can be expressed in terms of money should be included in records. 3.Cost Benefit:Value of info should be more than the cost. 4.Reliability: Verifiable, Neutral.