Intermediate Accounting (16th Edition)

Published by Wiley
ISBN 10: 1118743202
ISBN 13: 978-1-11874-320-1

Chapter 2 - Conceptual Framework for Financial Reporting - Review and Practice - Brief Exercises - Page 64: BE2-8


(a) Periodicity (b) Monetary unit (c) Going concern (d) Economic entity

Work Step by Step

Normally the assumptions of accounting are statements that are presumed to be true without concrete evidence to support them. Its important to note that; in the business world, accounting assumptions are used to in quite a wide variety of situations to enable companies to plan as well make decisions in the face of uncertainty.
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