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 accounting assumption. It is an accounting principle that states that companies should record assets at their cost, at the time of their acquisition.

c. Entity concept: This is a basic accounting assumption. It assumes that the business is separate from its owners or other businesses. Each business is its own entity.

d. Monetary unit assumption: This is a basic accounting assumption. It assumes that all business transactions can be expressed in terms of a single common unit of measurement, usually currency.

So, the basic accounting assumptions in the given options are the Entity concept and the Monetary unit assumption.

Question

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 accounting assumption. It is an accounting principle that states that companies should record assets at their cost, at the time of their acquisition.

c. Entity concept: This is a basic accounting assumption. It assumes that the business is separate from its owners or other businesses. Each business is its own entity.

d. Monetary unit assumption: This is a basic accounting assumption. It assumes that all business transactions can be expressed in terms of a single common unit of measurement, usually currency.

So, the basic accounting assumptions in the given options are the Entity concept and the Monetary unit assumption.

Knowee AI · Accepted Answer

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 accounting assumption. It is an accounting principle that states that companies should record assets at their cost, at the time of their acquisition.

c. Entity concept: This is a basic accounting assumption. It assumes that the business is separate from its owners or other businesses. Each business is its own entity.

d. Monetary unit assumption: This is a basic accounting assumption. It assumes that all business transactions can be expressed in terms of a single common unit of measurement, usually currency.

So, the basic accounting assumptions in the given options are the Entity concept and the Monetary unit assumption.

Which of the following is a basic accounting assumption?a.Matching principleb.Cost principlec.Entity conceptd.Monetary unit assumption

Question

Which of the following is a basic accounting assumption?

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