Question

5- Explain the accounting entry assumptions.​

Answer 1

Answer:

Accounting assumptions defined as rules of action or conduct which are derived from experience and practice, and when they prove useful, they become accepted principles of accounting. ... They are part of GAAP (Generally Accepted Accounting Principles). 4 Accounting Assumptions are; Business Entity Assumption.

Answer 2

Explanation:

The economic entity assumption is an accounting principle that seprates the transaction carried out by the business from its owner.