Accounting - assumptions/ characteristics

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Last updated 11:27 AM on 8/12/26
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4 Terms

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Accounting Entity Assumption

from accounting perspective the business is seperate from the owner and other entities

2
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Accrual Basis Assumption

calculate the profit by subtracting expenses incurred from revenue earned in a particular reporting period

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Going concern assumption

assumes the business will continue to operate in the future, important as it allows us to record transactions that affect the future of the business

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Period assumption

reports are prepared for a particular period of time and is split into periods of reports