Fundamental Accounting Assumptions

access_time 2019-01-11T07:00:03.407Z face CA N Raja Accounting

 

These assumptions can be divided into Three  First one is Going Concern.second one is accrual number .and third one Consistency.These assumptions are general in nature and users can assume that financial statements are prepared on these assumptions only. It means no disclosure is required when financial statements are prepared using these assumptions because they are implied in nature but disclosure is required if any of these three assumptions or not followed while preparing financial statements.

 

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