Final answer:
The four general accounting principles among the options provided are going concern, measurement, expense recognition, and full disclosure. Additionally, revenue recognition and business entity are also key accounting principles, while time period is an essential concept in accounting.
Step-by-step explanation:
The four general accounting principles that the question refers to are key concepts that guide accountants and other financial professionals in recording and reporting financial information. Selecting from the provided options, the correct principles include:
- Going Concern: This principle assumes that a business will continue to operate indefinitely unless there is evidence to suggest otherwise.
- Measurement: This refers to the basis on which the transactions are recorded—usually at historical cost.
- Expense Recognition (also known as the matching principle): It dictates that expenses should be recorded in the same period as the revenues they helped to generate.
- Revenue Recognition: This principle outlines the specific conditions under which revenue is recognized and reported.
- Full Disclosure: Requires that all information that affects the full understanding of a company's financial statements must be included with the statements.
- Business Entity: This principle maintains that the business is separate from its owners or other businesses, and its financial records should be kept distinct.
Time Period is also an important concept in accounting as it specifies that financial statements should cover a specific period of time for comparison and analysis.