Which of the following is NOT one of the underlying assumptions and principles in accounting?

The measurement assumption is indeed a critical aspect of accounting, but it is not typically classified as one of the foundational assumptions or principles that guide accounting practices. The underlying assumptions in accounting include the going-concern assumption, which states that an entity will continue to operate indefinitely unless there is evidence to the contrary, and the economic entity assumption, which mandates that financial transactions of a business must be kept separate from those of its owners or other businesses.

Moreover, the conservatism principle guides accountants to be cautious and prudent in financial reporting, ensuring that uncertainties and risks are acknowledged in their financial statements.

Considering this context, while the measurement assumption is connected to how financial information is quantified and made comparable, it does not consistently hold the status of an underlying assumption in the framework of accounting principles like the other options do.