full- disclosure	financial reparting must include all significant information
separate entity/accounting entity/economic entity/assumption	an enterprise is an accounting unit separate from its owners and their personal transaction
continuity/going concern/assumption	the business will continue indefinitely into the future
unit of measure/ assumption	all transaction are accounted for in a single monetary unit
periodicity/assumption	an ongoing business reports financial data for particular periods
to write off	to reduce the value of an asset by changing part of itd value against earnings or profits
to wear out	to become damaged and anusable over time
plant	machines used in industry
obsolete	not used any more, or repaced by something newer and better
intangible assets	things of value that cannot be physically touched
fixed assets	things a business will use for many years, to make or sell its products