Which of the following is a basic accounting assumption?a.Matching principleb.Cost principlec.Entity conceptd.Monetary unit assumption
Question
Solution 1
The basic accounting assumptions are:
a. Matching principle: This is not a basic accounting assumption. It is an accounting principle that requires a company to report an expense on its income statement in the period in which the related revenues are earned.
b. Cost principle: This is not a basic Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob
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