Question: Discuss the following accounting assumptions and concepts: 1. Accrual basis of accounting 2. Cash basis of accounting 3. Going concern assumption 4. Materiality concept 5.

Discuss the following accounting assumptions and concepts:

1. Accrual basis of accounting 

2. Cash basis of accounting 

3. Going concern assumption 

4. Materiality concept 

5. Information role of accounting 

6. Contracting role of accounting 

Why are the assumptions and concepts important?

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Financial Accounting For Executives And MBAs 4th Edition by Wallace, Simko, Ferris