Question

Below are the four underlying assumptions of generally accepted accounting principles.
Assumptions
1. ____________Economic entity
2. ____________Going concern
3. ____________Periodicity
4. ____________Monetary unit
Descriptions
a. A common denominator is needed to measure all business activities.
b. Economic events can be identified with a particular economic body.
c. In the absence of information to the contrary, it is anticipated that a business entity will continue to operate indefinitely.
d. The economic life of a company can be divided into artificial time intervals for financial reporting.

Required:
Match each business assumption with its description.



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  • CreatedJuly 15, 2014
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