Question

Which of the following is fundamental accounting assumption?

Answer 1

Explanation:

consistency

hope it works

Answer 2

GOING CONCERN ASSUMPTION, CONSISTENCY ASSUMPTION, ACCRUAL ASSUMPTIONS are the fundamental accounting assumption.

Accounting Concepts are the fundamental assumptions . They are generally accepted accounting rules on the basis of  which financial transactions are recorded.

GOING CONCERN ASSUMPTIONS

This concept of Accounting states that business will continue its transaction in near future and this concept also states that business will continue its operation in near future. On the basis of this concept, fixed asset are recorded at their cost price less depreciation.

CONSISTENCY ASSUMPTIONS

Financial Statement are made by every firm for making inter firm comparison and intra firm comparison. these comparison are done only when all the accounting policies are uniform and these policies are followed by any firm consistently.

ACCRUAL ASSUMPTIONS

According to this concept revenues and expenses are recorded in the period of their occurrence rather than when they are paid.