We have come across many accounting concepts, of which some are assumptions we make and others are

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We have come across many accounting concepts, of which some are assumptions we make and others are rules we comply with when accounting for transactions. However, IASB’s Framework has named two among them as underlying assumptions.

Required:

(a) What are these two underlying assumptions?

(b) Why are they identified as underlying assumptions?

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Financial Accounting An Introduction

ISBN: 9780273737650

2nd Edition

Authors: Mr Barry Elliott, Mr Augustine Benedict

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Question Posted: Aug 31, 2023 02:25 AM

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We have come across many accounting concepts, of which some are assumptions we make and others are

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a The underlying assumptions are i accruals ii going concern b T...View the full answer

Financial Accounting An Introduction

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