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Underlying Assumptions
- Accounting Entity
- distinguishable from owner and other entities
- Every entity controls its assets and incurs its liabilities
- Every entity controls its assets and incurs its liabilities
- distinguishable from owner and other entities
- Accrual Basis Assumption
- Going Concern Assumption
- The existing Entity will continue to operate in the future
- liquidation values (Prices in a forced sale) are NOT reported
- liquidation values (Prices in a forced sale) are NOT reported
- The existing Entity will continue to operate in the future
- Period Assumption
- Comparability
- Life of the entity is divided into equal time intervals.
- Life of the entity is divided into equal time intervals.
- Comparability
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