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FUNDAMENTAL ACCOUNTING ASSUMPTIONS

There are three fundamental accounting assumptions :

(i) Going Concern
(ii) Consistency
(iii) Accrual

All the above three fundamental accounting assumptions have already been explained.

  • If nothing has been written about the fundamental accounting assumption in the financial statements then it is assumed that they have already been followed in their preparation of financial statements.
  • However, if any of the above mentioned fundamental accounting assumption is NOT followed then this fact should be specifically disclosed.

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