How many accounting assumptions are there???
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59
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There are many accounting assumptions included in the accounting from which some are as follows❤️❤️↙️↙️
➡️Time period assumption
➡️Going concern assumption
➡️Matching principle
➡️Cost principle
➡️Monetary Unit Assumption
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3
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There are four basic types of assumptions used regularly in accounting. They are:
- The separate-entity assumption - which holds that the particular business entity being measured is distinct and separate from similar and related entities for accounting purposes.
- The continuity or going concern assumption - This assumption holds that the entity will not cease operations or liquidate its assets during the accounting period.
- The time-period assumption - According to this assumption, accounting reports are assumed to apply to a short time period, usually one year.
- The unit-of-measure assumption/stable monetary unit assumption - This assumption holds that the U.S. dollar is the common denominator or measuring stick for all accounting measurements taken for American companies.
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