Ms. Sandipa is the accounts executive for a company called SS Enterprises. Her job description requires her to supervise the process of recording of the transactions of business and to ensure that all accounting assumptions are taken care of. However, her junior executive is confused about the concepts of the accounting period assumption and the Separate entity assumption. Elaborate how Sandipa can explain the concepts to her junior with the help of suitable example.
Answers
Answer:
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Explanation:
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As Sandipa's junior executive has less understanding about the separate entity and accounting period assumption, they are explained below
Explanation:
Accounting period assumption is helpful in ascertaining true and fair financial position of a business entity on a certain date and helps in determining the income of a particular period. A balance sheet is prepared to reveal the financial position of the concern on a certain time.
The separate entity assumption refers to the assumption that involves the transactions recorded by an entity. These are separate from the transactions that are recorder by entity's owners.
To know more:
about the concepts of the accounting period assumption and the Separate entity assumption
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2. What Are The Accounting Principles, Assumptions, And Concepts?
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