What are Fundamental Accounting Assumptions? Explain them in detail.
Options
A
B
C
D
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Theoretical FrameworkQuestion 4945 of 110
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- A
- B
- C
- D
Detailed Solution & Explanation
Fundamental Accounting Assumptions:
Fundamental accounting assumptions underline the preparation and presentation
of financial statements.
They are usually not specifically stated because their acceptance and use are
assumed.
Disclosure is necessary if they are not followed.
The Institute of Chartered Accountants of India issued Accounting Standard (AS-1)
'Disclosure of Accounting Policies' according to which the following have been
generally accepted as fundamental accounting assumptions:
(i) Going Concern (ii) Consistency (iii) Accrual
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