Answer / deepak jha

Basic fundamental Accounting assumptions are:
1: Going concern
2: consistency
3: Accurual

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.

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Expand---------SDCB

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Short Answer on _________Financial accounting

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