Current Attempt in ProgressPresented below are the basic assumptions and principles underlying financial statements.a. Historical cost principled. Going concern assumptionb. Economic entity assumptione. Monetary unit assumptionc. Full disclosure principlef. Periodicity assumptionIdentify the basic assumption or principle that is described below.The economic life of a business can be divided into artificial time periods.The business will continue in operation long enough to carry out its existing objectives.Assets should be recorded at their cost.Economic events can be identified with a particular unit of accountability.Circumstances and events that make a difference to financial statement users should be disclosed.Only transaction data that can be expressed in terms of money should be included in the accounting records.Attempts: 0 of 1 used