SSC CGL Exam > SSC CGL Videos > SSC CGL Tier 2 - Study Material, Online Tests, Previous Year > What are Fundamental Accounting Assumptions (Introduction)
What are Fundamental Accounting Assumptions (Introduction) Video Lecture | SSC CGL Tier 2 - Study Material, Online Tests, Previous Year
|
1365 videos|1312 docs|1010 tests
|
FAQs on What are Fundamental Accounting Assumptions (Introduction) Video Lecture - SSC CGL Tier 2 - Study Material, Online Tests, Previous Year
| 1. What are the fundamental accounting assumptions? |  |
Ans. Fundamental accounting assumptions are the basic principles that guide the preparation and presentation of financial statements. These assumptions include the going concern assumption, the monetary unit assumption, the time period assumption, and the historical cost assumption.
| 2. What is the going concern assumption? | |
Ans. The going concern assumption assumes that a business will continue to operate indefinitely unless there is evidence to the contrary. This means that financial statements are prepared with the expectation that the company will continue its operations in the foreseeable future, allowing for the proper valuation of assets and liabilities.
| 3. How does the monetary unit assumption affect financial reporting? | |
Ans. The monetary unit assumption states that financial transactions should be recorded and reported in a single unit of currency, typically the local currency. This assumption simplifies the financial reporting process by providing a common denominator for measuring and comparing the financial performance of different entities.
| 4. What is the time period assumption? | |
Ans. The time period assumption assumes that the financial activities of a business can be divided into specific periods for reporting purposes. This allows for the preparation of timely financial statements, such as monthly, quarterly, or annual reports, which provide useful information for decision-making and analysis.
| 5. How does the historical cost assumption impact the valuation of assets and liabilities? | |
Ans. The historical cost assumption states that assets and liabilities should be recorded and reported at their original cost at the time of acquisition. This assumption provides a reliable and verifiable basis for financial reporting, as it avoids subjectivity and potential manipulation of values. However, it also means that the reported values may not reflect the current market or fair value of the assets and liabilities.
About this Video
|
1.1K Views |
|
4.70/5 Rating |
|
Nov 15, 2024 Last updated |
Video Description: What are Fundamental Accounting Assumptions (Introduction) for SSC CGL 2024 is part of SSC CGL Tier 2 - Study Material, Online Tests, Previous Year preparation.
The notes and questions for What are Fundamental Accounting Assumptions (Introduction) have been prepared according to the SSC CGL exam syllabus.
Information about What are Fundamental Accounting Assumptions (Introduction) covers all important topics for SSC CGL 2024 Exam.
Find important definitions, questions, notes, meanings, examples, exercises and tests below for What are Fundamental Accounting Assumptions (Introduction).
Introduction of What are Fundamental Accounting Assumptions (Introduction) in English is available as part of our SSC CGL Tier 2 - Study Material, Online Tests, Previous Year for SSC CGL & What are Fundamental Accounting Assumptions (Introduction) in
Hindi for SSC CGL Tier 2 - Study Material, Online Tests, Previous Year course. Download more important topics related with notes, lectures and mock test series for
SSC CGL Exam by signing up for free.
Description
Video Lecture & Questions for What are Fundamental Accounting Assumptions (Introduction) Video Lecture | SSC CGL Tier 2 - Study Material, Online Tests, Previous Year - SSC CGL full syllabus preparation | Free video for SSC CGL exam to prepare for SSC CGL Tier 2 - Study Material, Online Tests, Previous Year.
Information about What are Fundamental Accounting Assumptions (Introduction)
Here you can find the meaning of What are Fundamental Accounting Assumptions (Introduction) defined & explained in the simplest way possible.
Besides explaining types of What are Fundamental Accounting Assumptions (Introduction) theory, EduRev gives you an ample number of questions to practice What are Fundamental Accounting Assumptions (Introduction) tests,
examples and also practice SSC CGL tests.
|
1365 videos|1312 docs|1010 tests
|
|
Explore Courses for SSC CGL exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
Summary
,shortcuts and tricks
,practice quizzes
,What are Fundamental Accounting Assumptions (Introduction) Video Lecture | SSC CGL Tier 2 - Study Material
,Online Tests
,Previous Year
,mock tests for examination
,Important questions
,Sample Paper
,Viva Questions
,Previous Year
,Objective type Questions
,MCQs
,ppt
,Semester Notes
,Extra Questions
,study material
,Exam
,Previous Year
,Previous Year Questions with Solutions
,What are Fundamental Accounting Assumptions (Introduction) Video Lecture | SSC CGL Tier 2 - Study Material
,Free
,Online Tests
,video lectures
,past year papers
,Online Tests
,What are Fundamental Accounting Assumptions (Introduction) Video Lecture | SSC CGL Tier 2 - Study Material
;
Study What are Fundamental Accounting Assumptions (Introduction) on the App
Students of SSC CGL can study What are Fundamental Accounting Assumptions (Introduction) alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the What are Fundamental Accounting Assumptions (Introduction),
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of What are Fundamental Accounting Assumptions (Introduction) is prepared as per the latest SSC CGL syllabus.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup