1. Cash Basis Accounting

2. Accrual Accounting

3. Matching Principle

4. Time-Period Concept

5. Revenue Principle

6. Prepaid Expense

7. Accounting that records only when cash is received or paid

8. Guide to accounting for expenses. Identify all expenses incurred during that period, measure the expenses, and match them against the revenues earned during that period.

9. Tells accountants when to record revenue and the amount of revenue to record

10. Advance payments of expenses. Examples include prepaid rent, prepaid insurance, and supplies.

11. Ensures that information is reported at regular intervals

12. Accounting that records the impact of a business event as it occurs regardless of whether the transaction affected cash