Misty Charnesky-Accounting Assumptions, Principles, and Constraints

Misty - Running head ACCOUNTING ASSUMPTIONS PRINCIPLES AND CONSTRAINTS Accounting Assumptions Principles and Constraints Misty Charnesky XACC280

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Running head: ACCOUNTING ASSUMPTIONS, PRINCIPLES, AND CONSTRAINTS 1 Accounting Assumptions, Principles, and Constraints Misty Charnesky XACC280 July 29, 2011 Mark Bull
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
ACCOUNTING ASSUMPTIONS, PRINCIPLES, AND CONSTRAINTS 2 Accounting Assumptions, Principles, and Constraints The basic or main assumptions of accounting are the monetary unit assumption and the economic entity assumption. Monetary unit assumption requires companies to include transaction data expressed in money terms only. Another basic type of assumption is the economic entity assumption requiring entity (any organization or societal unit) activities separated from owner and any other economic entities. Other assumptions are time period and going concern. The principles of accounting are similar to the assumptions of accounting. Principles of accounting are standards developed that are practiced universally. Generally, the SEC (1) and FASB (2) within the United States oversee accepted accounting principles or GAAP (3). Other countries use standards set by the IASB (4). One of the most
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 09/05/2011 for the course ECON 101 taught by Professor Smith during the Spring '11 term at University of Phoenix.

Page1 / 3

Misty - Running head ACCOUNTING ASSUMPTIONS PRINCIPLES AND CONSTRAINTS Accounting Assumptions Principles and Constraints Misty Charnesky XACC280

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online