What Are The Three Basic Accounting Assumptions?
What Are The Three Basic Accounting Assumptions? Fundamental Accounting Assumptions: Going Concern, Consistency & Accrual. Financial Statements are prepared based on certain assumptions which are neither disclosed nor required to be disclosed, so they are called Fundamental Accounting Assumptions, like Going Concern, Consistency & Accrual. What are the 5 basic accounting assumptions? The Consistency Assumption.