4 basic assumptions underlying GAAP
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Monetary Unit Assumption
A common denominator is the dollar, measurement scale used in financial statements is nominal units of money, without any adjustment for changes in purchasing power.
Basic Assumptions underlying GAAP
Economic entity assumption, Going concern assumption, Periodicity assumption, Monetary unit assumption
Periodicity Assumption
Related to timeliness, the life of an enterprise can be divided into artificial time periods.
Economic Entity Assumption
The enterprise is separate from its owners and other entities.
Going Concern Assumption
The entity will continue indefinitely.