When accountants are responsible for tallying millions of dollars in sales a week, they must follow some very precise accounting principles that are sometimes kept on a spreadsheet. They find they must operate their accounts with the going concern concept, because they all work on the assumption that the business will continue everyday operating at its normal rate and speed.

If the precise accounting principles are not in place, then the accounting for everything that concerns the business will be looked at from a different viewpoint. The principles of the going concern concept will become more of an analytical review. The value of all of the business assets will change, when it is determined that the precise accounting principles have changed.

They find that this type of accounting is necessary because it has become a growing concern. In the past, their precise accounting principles operated on a separate legal entity concept, and every business account was kept separate from the other, in a precise accounting principles sort of way. This method worked well for years, and for companies that were large and small, and the going concern concept was never considered at all.

These accounting professionals truly preferred to use the consistency principles in their precise accounting principles routine, because when all business accounts entries were the same there was no doubt what the business expense entry was all about. These financial accountants felt that with this type of precise accounting principles in place, that financial records could be review years from now and everything would be in its proper place.

When all of the precise accounting principles do not seem to be working like they should, these accounting professionals often find themselves going back to the basics of accounting principles and using the accrual principle to figure out what to do. The wavering going concern concept had led them to believe that the business was closing, and with everything in such an uproar they thought the accrual principles were best.

With the accrual accounting principles being used, these accounting professionals felt that things were returning to normal. They methodically recorded all of the business expenses, and logged every that was sold by the value of the sales orders. They were guided by the basic revenue recognition concept, and knew that accounting for all monies and product values were being dutifully recorded. With the precise accounting principles used, they knew they could using the matching principles with ease.