Accounting

Accounting

(i) Assumptions

It is a statement that we supposed to be right without any proper evidence to hold it. In the field of business, where we assume something in a variety of incidents, it enables an organization to plan and take the decision in the face of doubt. It's most widespread use is in the accounting section, in which we use assumptions to aid financial measurement and its reporting.

We can also define it as, customs and traditions that we have developed for our accounting needs and professions from a long period of time. Basic accounting assumptions offer a base for recording the ...