Question

Concepts are those basic assumptions and conditions which act as base for accountancy’.​

Answer 1

Answer:

Monetary unit assumption: All financial transactions should be recorded in the same currency. Specific time period assumption: Financial reports should show results over a distinct period of time. Cost principle: The cost of an item doesn't change in financial reporting..

Answer 2

Question:

What are the basic assumption of accounting?

Explanation:

Accounting Assumptions are; Business Entity Assumption. Money Measurement Assumption. Going Concern Assumption.

Monetary unit assumption: All financial transactions should be recorded in the same currency. Specific time period assumption: Financial reports should show results over a distinct period of time. Cost principle: The cost of an item doesn't change in financial reporting.

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