There are four basic assumptions of nancial accounting: (1) economic entity, (2) scal period, (3) going concern,

There are four basic assumptions of financial accounting: 

(1) economic entity, 

(2) fiscal period, 

(3) going concern, and 

(4) stable dollar. 

Using one of these assumptions, provide examples of how the assumption is used in terms of accounting and financial reporting.

Answer rating: 100% (QA)

Economic entity This is where it is assumed that the financial interactions of the business and that of the owner are not intermingledThat wayit is po... View the full answer