Results for: point-of-total-assumption

What is a warranted assumption?

A warranted assumption is an assumption that has evidence and reasonable interpretation of this evidence to support it. But, it's still an assumption and should only be used as a guide in finding the real facts. A warranted assumption should…

What is economic entity assumption?

Economic entity assumption is an assumption under the Generally Accepted Accounting Principles that separates the stakeholders from the business itself. The business is its own entity. Economic entity assumption is an assumption under the Generally Accepted Accounting Principles that separates…

What is a background assumption?

A Background Assumption is your own assumption of how things are supposed to be. Or your own idea of how life ought to work. You assume that everyone thinks the same way.