Conservatism: when two values of a transaction are available, the lower-value transaction is recorded, in order to not overestimate profit 

Consistency: the adoption of the same accounting principles from one period to another of an accounting cycle, so that to calculate profit and loss the same principles are applied

Relevance: all material facts must be recorded in accounting, including all relevant data and omitting insignificant information

Full disclosure: Disclosure of all information, both beneficial and detrimental to a commercial enterprise, that is of material value to creditors and debtors.