1. Matching Principle: Maris Racal spends ₱5,000 on supplies in July for jewelry she intends to sell in August, and she records this as an expense in July to follow the matching principle.
2. Revenue Recognition Principle: Maris bakes cookies for Anthony in November and receives ₱1,000 in December. She accounts for the income from the cookie order in November when she completed the work, even though payment comes later.
3. Materiality