Which of the following are assumptions of accounting?

Question

Quizplus · Accepted Answer

The assumptions of accounting are four basic principles that form the foundation of the accounting process. These assumptions are unit of measure, separate entity, going concern, and time period. Choice A includes all four of these assumptions, making it the best answer. Choice B includes the principles of cost, revenue recognition, matching, and full disclosure, which are accounting principles but not assumptions. Choice C includes cost-benefit, materiality, and industry practices, which are accounting concepts but not assumptions. Choice D includes unit of measure, cost-benefit, and materiality, but industry practices are not an assumption, making it an incorrect answer.

Which of the Following Are Assumptions of Accounting