Question

If nothing is, given in financia statement about three accounting assumptions then it is treated as

Answer 1

Answer:

Is assumed to be followed

Explanation:

If nothing is given in the financial statements about the three accounting assumptions then it is to be treated as it (Is assumed to be followed)

Hope it helps

Answer 2

Answer:

Is assumed to be followed.

Explanation:

When preparing a company's financial statements, certain basic accounting assumptions must be made. These accounting assumptions will be presumed to be followed in the financial statements if they aren't explicitly stated. Each accounting transaction involving an entity is subject to three key accounting assumptions. It makes no difference whether or not the company adheres to these basic accounting principles. If a corporation fails to meet these assumptions, all relevant financial transactions and financial statements must be declared.

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