Question

What do you mean by Basic Accounting Assumptions?Describe some of the Basic Assumption in point​

Answer 1

Answer:

Accounting assumptions can be defined as a set of rules that ensures the business operations of an organization and are conducted efficiently and as per the standards defined by the FASB (Financial Accounting Standards Board) which ultimately helps in laying the groundwork for consistent, reliable and valuable

basic assumption - an assumption that is basic to an argument. constatation, self-evident truth. supposal, supposition, assumption - a hypothesis that is taken for granted; "any society is built upon certain assumptions" Based on WordNet 3.0, Farlex clipart collection.

Explanation:

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