All of the following items are classified as accounting assumptions and conventions except for
A) going concern
B) timeliness
C) monetary unit
D) reporting entity

Question

Quizplus · Accepted Answer

Timeliness is considered an accounting principle that emphasizes the need for accounting information to be presented to the users in a timely manner, rather than an assumption or convention like going concern, monetary unit, and reporting entity. These assumptions and conventions underlie the preparation of financial statements, whereas principles like timeliness guide how accounting information is used and presented.

All of the Following Items Are Classified as Accounting Assumptions