Matching (accruals)
The principle of accrual (also called matching) is fundamental to accounting. It requires that costs should be matched to the revenues they generate.

This means, for example, that cost of an asset should be depreciated over its useful life
rather than the entire cost being charged against profits when it is purchased.
It also means that sales and purchases on credit are usually included in profit and loss account in the year the sale was invoiced in, rather than when payment is received.
There are more elaborate methods for dealing with issues such as long term projects that are partially completed.

Going concern
The going concern principle is the assumption that a business is a going concern has a
profound impact on how a balance sheet is drawn up, and it is one of the fundamental principles of accounting (like the accrual principle). It justifies using a book
value based on historical cost less depreciation, rather then, for example, re-sale
value.
The term is also likely to be used when a business is being sold, particularly in
circumstances such as liquidation (or merely financial difficulty) when it cannot be
taken for granted that it will continue.

Business Entity
The etymology of "business" relates to the state of being busy either as an individual or society as a whole, doing commercially viable and profitable work. The term "business" has at least three usages, depending on the scope — the singular usage (above) to mean a particular company or corporation, the generalized usage to refer to a particular market sector, such as "the music business" and compound forms such as agribusiness, or the broadest meaning to include all activity by the community of suppliers of goods and services. However, the exact definition of business, like much else in the philosophy of business, is a matter of debate.

Prudence
The prudence concept states that profits and inventory should never be over stated an losses must not be under stated"
A company is being prudent if they acknowledge that a portion of their receivables are likely uncollectable. Prudence requires you to be realistic about profits, assets and liabilities. It is unrealistic to assume that all debts will be paid with no issues or problems.
Profits are not recognised until a sale has been completed. In addition, a cautious view is taken for future problems and costs of the business (the are "provided for" in the accounts" as soon as their is a reasonable chance that such costs will be incurred in the future.