Question

system is not based on
certain rules, assumption and
regulations of accounting.​

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.The basic underlying accounting principles, assumptions, and concepts include the following: Cost principle. Full disclosure principle. Matching principle.assumption Add to list Share. An assumption is something that you assume to be the case, even without proof. For example, people might make the assumption that you're a nerd if you wear glasses, even though that's not true.