Basic Accounting Assumptions a. What is meant by the term assumption b. What are three

Chapter 2, Problem 7

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QUESTION:

Basic Accounting Assumptions

a. What is meant by the term assumption?

b. What are three important assumptions of accounting, and what does each mean?

Questions & Answers

QUESTION:

Basic Accounting Assumptions

a. What is meant by the term assumption?

b. What are three important assumptions of accounting, and what does each mean?

ANSWER:

                                                                 Step 1 of 3

The term account refers to the systematic record of financial transactions of a business for the purpose of maintaining business activities.

                                                                 

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