Homework Answers
Assumption are:- Going concern, stable measuring unit, accrual basis and units of constant purchasing power.
1) Going concern:- this assumption states that a business or the business entity will continue its operations for a foreseeable future period.
2) stable measuring unit :- this assumption states that the capital should be measured in nominal monetary units only.
3) accrual basis :- this assumption states that all the monetary translation should be recorded as and when they occurred and not to wait for the payment and receipt of cash for it.
4) units of constant purchasing power:- this assumption states that in certain situations even the stable measuring unit assumption can also be rejected but the constant deal value non monetary items should be adjusted according to inflation during low inflation.
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