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What are Fundamental Accounting Assumptions (Introduction) Video Lecture | SSC CGL Tier 2 - Study Material, Online Tests, Previous Year
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| 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.
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