Interested to Buy Any Domain ? << Click Here >> for more details...
Explain "basic fundamental Assumptions"?
- 2 Answers
- 8074 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / deepak jha
Basic fundamental Accounting assumptions are:
1: Going concern
2: consistency
3: Accurual
| Is This Answer Correct ? | 37 Yes | 2 No |
Answer / yashita tripathy
*accounting entity - wherein the business considered as "a
separate and distinct entity apart from the owner"
* going concern assumption - the business is assumed to have
a continuous life of existence.
*time period assumption -since the business is assumed to
have a continuous life of existence, the life of the
business is divided into equal periods wherein at the end of
each period, the accountant prepares a financial statements.
the accounting periods can be monthly basis, quarterly
basis, semi-annual basis and yearly or annual basis (you can
use calendar year, fiscal year or natural business year).
*unit of measure - use of the country's standard monetary
unit (like dollars in U.S.A, Yen in Japan). This is to
assure that the "unit of measure| has a stable value (which
means, the purchasing power is constant regardless of
inflationrates or fluctuations in the money value.
* Accrual basis - assumes that the recording of income and
expenses follow the accrual basis of accounting. That is :
income is recognized when earned regardless of when it is
received and expenses is recognized when incurred regardless
of when it is paid.
| Is This Answer Correct ? | 0 Yes | 0 No |
types of the capital market?
An applicant paid excess amount to the Government Office through a demand draft for a particular permission/license instead of actual fees. Later he went to government office and requested to return the previously submitted demand draft. Can he get back the Previously submitted demand draft(which was not adjusted into government account) duly paying he actual fee?
What do you mean by Adjustment
Why closing stock wont appear in the Trial Balance?
i m a bcom holder. ijust want to know abt procedure of ICWAI whether how muck years of Articleship job, when should i have to do that whether after/before Intermediate course?
4 Answers ICWAI, Jindal Steel and Power,
What is Compliance?
what salary you expect???
Stale Cheque entry in the books & when it reissued again then Entry in the books.?
whether securities premium includede in calculation of Net Worth.
Dear All, myself B.k Singh graduate with B.Com and PGDBM - Finance, I was worked with Service Company for 6 yrs.Now past 2yrs working with Real Estate,moreover I want to some course short term, plz guide me.
Why not we must to created Provision & Reserve? And if we're not to recognized what the effect will be?
what is shares buy back And Stock plit.
Audit 
