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Basic Accounting Assumptions a. What is meant by the term assumption b. What are three
Chapter 2, Problem 7(choose chapter or problem)
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.