Reference no: EM131808688

Problem

General accounting principles consist of four basic principles, four assumptions, and two constraints that are the building blocks of GAAP (Generally Accepted Accounting Principles). These ten general principles are: the measurement principle, the revenue recognition principle, the matching principle, the full disclosure principle, the going concern assumption, the monetary unit assumption, the time period assumption, the business entity assumption, the materiality constraint, and the cost-benefit constraint. Share with your classmates which one of these ten general accounting principles you believe to be the most important and why. Feel free to refer to your textbook (pages 10-12 specifically are a great starting point).