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What are the fundamental accounting assumptions?

Accounting
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Question added by manaf almas , Auditor , DAR AL NUZUM PUBLIC ACCOUNTANTS
Date Posted: 2013/09/22
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Khaled Abdelrehim ACCA DipIFR CMA
by Khaled Abdelrehim ACCA DipIFR CMA , Financial Analysis Assistant General Manager , Khalda Petroleum Company

- going concern

- unit of measure

- consistency

- the separate entity

- a specific time period

Faraz Sultan
by Faraz Sultan , head of regional operations , BMSA GLOBAL

Going ConcernConsistency Time RelevanceStable Unit Of Currency

Akram Massoud
by Akram Massoud , FINANCE MANAGER , Autoexcellence LTD

The Accounting Standard1 recognises three fundamental accounting assumptions. These are:

 

(a) Going Concern

(b) Consistency and

(c) Accrual.

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