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Which accounting assumption assumes that an enterprise will continue in operation long enough to carry?
going concern assumption
The assumption that assumes a company will continue in operation long enough to carry out its existing objectives is the?
time period assumption
What is an accounting assumption?
The preparation of accounting information is based on certain fundamental principles which are named as accounting assumptions. These are, like any other assumptions, things that accountant assumes before he prepares accounting information. For example: every asset that an organization has is depreciated for future, because accounting supposes that it is going to be used in the future. In most cases, it will be but in some cases it won't, but as an accountant you must always assume or suppose that it will. There are various other assumptions, or principles that accounts make believe while preparing accounting information. Some of them, which I know of, are: * Business Entity Concept * Going Concern concept * Historical Cost concept * Accounting Period Concept * Materiality concept * Full Disclosure concept All these concepts are known as accounting assumptions, there may be few more which I am , at this moment, oblivious to. Manish Regmi
Which accounting convention is being applied when a business prepares a financial statement?
When a business prepares a financial statement, it typically applies the accrual accounting convention. This means that revenues and expenses are recorded when they are earned or incurred, regardless of when cash transactions occur. This convention provides a more accurate picture of a company's financial position and performance over a specific period. Additionally, businesses often adhere to the going concern assumption, which assumes that the entity will continue to operate indefinitely.
First in first out method?
First in first out is the accounting term used to describe the method to allocate values. The method assumes the inventory that arrived first was used first.
Which accounting assumption assumes that an enterprise will continue in operation long enough to carry?
going concern assumption
A basic assumption of accounting assumes that the dollar is?
The dollar is assumed to be a finite entity.
What is assumption coding?
Assumption coding - reporting items or services that are not actually documented, but the coder assumes they were performed
The assumption that assumes a company will continue in operation long enough to carry out its existing objectives is the?
time period assumption
What is an accounting assumption?
The preparation of accounting information is based on certain fundamental principles which are named as accounting assumptions. These are, like any other assumptions, things that accountant assumes before he prepares accounting information. For example: every asset that an organization has is depreciated for future, because accounting supposes that it is going to be used in the future. In most cases, it will be but in some cases it won't, but as an accountant you must always assume or suppose that it will. There are various other assumptions, or principles that accounts make believe while preparing accounting information. Some of them, which I know of, are: * Business Entity Concept * Going Concern concept * Historical Cost concept * Accounting Period Concept * Materiality concept * Full Disclosure concept All these concepts are known as accounting assumptions, there may be few more which I am , at this moment, oblivious to. Manish Regmi
LIFO inventory accounting for gross profit calculation assumes what?
Last In First Out
A white man assumes that he will not be stopped by the police while driving an expensive car. His assumption is an example of .?
White Priviledge
What is the plural of assume?
Well, assume is a verb. The noun form is assumption and the plural of that is assumptions.
What assumption does consumer protection make about consumers?
Consumer protection assumes that consumers don't have full information from manufacturers and service providers about the products they are using and purchasing. Consumer protection handles the lack of transparency between producers and consumers.
What is IRR reinvestment rate assumption?
The IRR reinvestment rate assumption is the mistaken assumption that the IRR of a project implicitly assumes that all positive cash flows from the project that occur in periods before the end of the project will be reinvested at the rate of IRR per period until the end of the project.
What are the assumptions of Harrod-Domar growth model?
It assumes that savings and investment are all that is needed for growth. No diminishing returns to capital is an implicit assumption.
The time period principle assumes that an organization activities can be divided into specific time periods including what?
The time period principle assumes that an organization's activities can be divided into specific time periods, such as monthly, quarterly, and annually, to measure performance and report financial information accurately. This principle ensures that financial statements reflect the transactions and events that occurred during a specific reporting period.
