Archive | Accounting Assumptions

Read this article to learn about the following three fundamental assumptions of accounting, i.e., (1) Going Concern, (2) Consistency (Consistency Convention), and (3) Accrual. 1. Going Concern: As the name suggests "Going Concern" means 'with the expectation of continuing indefinitely'. This concept underlines the assumption that the enterprise has neither any intention nor any necessity to close the business. The [...]