Principles of Accounting: Most challenging concept?

[AGS]

What seemed to be your biggest challenge/concepts to master when preparing for this test? Only 6 more days 'til we bid farewell to this dragon of a CLEP test!

Accounting principles are based on a set of __________ that underlie accounting practices.

9 Concepts ... from instacert...

1) . Money Measurement Concept .
2). Entity Concept.
3). Going Concern Concept.
4). Cost Concept.
5). Dual Aspect Concept.
6). Conservatism Concept.
7). Realization Concept.
8). Matching Concept.
9). Materiality Concept.


Generally Accepted Accounting Principles are usually referred to as GAAP. These principles set the rules for accounting practices. They were established by the Financial Accounting Standards Board (FASB) to assist with the fair and objective comparison of business performance either within the same entity (from period to period) or with other entities.