Important of Principles and Assets/Liabilities in Statements

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Greetings ! As I am doing research I need assistance with the following :

Please explain why these concepts are important to financial statements
(a) Generally accepted accounting principles

Accounting is based on a set of principles on which there is general agreement, not
on rules that can be "proved." These provide general guidelines to the organization. These are as follows:

1) The business for which the financial statements are prepared is separate and distinct from the owners: Business entity

2) The assumption is made that the entity will remain in business for an indefinite period of time: Going concern or continuity

3) Revenue should be recognized when the earning process is virtually complete and the exchange value can be objectively determined: Realization

4) This concept deals with when to recognize the costs that are associated with the recognized revenue: Matching

5) Accounting reports must disclose all facts that may influence the judgment of an informed reader: Full disclosure

6) This concept involves the relative size and importance of an item to a firm: Materiality

8) Revenue must be recognized when it is realized (realization concept), and expenses are recognized when incurred (matching concept): Accrual

(b) Current assets and liabilities VS non current items

Current assets are the assets which can be converted into cash within an accounting year (or operating cycle) and include cash, short-term securities, debtors, (accounts receivable or book debts) bills receivable and stock (inventory). (Pandey, I.M.)
Hence these current assets include cash, marketable securities, prepaid expenses, accounts receivable, inventory, and other current assets. The cash account on the balance sheet include coin and currency on hand, deposits in checking and savings accounts, and near-cash assets such as undeposited checks. The cash and cash equivalents include the above cash and liquid investments. Thus these are short term assets of the organization.
In an organization minimum level of current assets is continuously required by a firm to carry on its business operations, is referred to as permanent or fixed working capital. On the other hand the additional current assets to support the changing production and sales activities of the firm are referred to as fluctuating or variable working capital.
Similarly current liabilities are the obligations to be paid in short term. For example creditors.

Non-current assets/Liabilities
Non current assets are the assets whose life is more than one year and not used up in production - equipment, machinery, buildings, etc. They can be divided in three:

? Freehold assets - where the business has full ownership of the assets
? Leasehold assets - ...