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Underlying Assumptions

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Mind Map on Underlying Assumptions, created by jnahal on 31/08/2014.
jnahal
Mind Map by jnahal, updated more than 1 year ago
jnahal
Created by jnahal over 11 years ago
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Underlying Assumptions
  1. Accounting Entity
    1. distinguishable from owner and other entities
      1. Every entity controls its assets and incurs its liabilities
    2. Accrual Basis Assumption
      1. Going Concern Assumption
        1. The existing Entity will continue to operate in the future
          1. liquidation values (Prices in a forced sale) are NOT reported
        2. Period Assumption
          1. Comparability
            1. Life of the entity is divided into equal time intervals.
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