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- Accounting_assumptions abstract "Accounting have established group of assumptions, those assumptions are the basics of financial accounting. At the same time, assumptions are not accounting principles, as they are more of agreed upon rules.Assumptions:\t The Economic(Business) Entity Concept \t The Monetary unit assumption\t The Going concern(Continuing Concern) Concept\t The Time Period ConceptThe Economic(Business) Entity Concept : as the name indicated, The accountant keeps all of the business transactions of a sole proprietorship separate from the business owner's personal transactions. For legal purposes, a sole proprietorship and its owner are considered to be one entity, but for accounting purposes they are considered to be two separate entities.Monetary unit assumption: meaning that the business should have one money unit to record its transactions, for example U.S. dollar.Going concern assumption: meaning that the business is going to be operated for non predefined period, in other words, there is no ending date for business life.This accounting principle requires companies to use the accrual basis of accounting. The matching principle requires that expenses be matched with revenues. For example, sales commissions expense should be reported in the period when the sales were made (and not reported in the period when the commissions were paid). Wages to employees are reported as an expense in the week when the employees worked and not in the week when the employees are paid. If a company agrees to give its employees 1% of its 2012 revenues as a bonus on January 15, 2013, the company should report the bonus as an expense in 2012 and the amount unpaid at December 31, 2012 as a liability. (The expense is occurring as the sales are occurring.)Because we cannot measure the future economic benefit of things such as advertisements (and thereby we cannot match the ad expense with related future revenues), the accountant charges the ad amount to expense in the period that the ad is run.Time period assumption: This accounting principle assumes that it is possible to report the complex and ongoing activities of a business in relatively short, distinct time intervals such as the five months ended May 31, 2012, or the 5 weeks ended May 1, 2012. The shorter the time interval, the more likely the need for the accountant to estimate amounts relevant to that period. For example, the property tax bill is received on December 15 of each year. On the income statement for the year ended December 31, 2011, the amount is known; but for the income statement for the three months ended March 31, 2012, the amount was not known and an estimate had to be used.It is imperative that the time interval (or period of time) be shown in the heading of each income statement, statement of stockholders' equity, and statement of cash flows. Labeling one of these financial statements with \"December 31\" is not good enough—the reader needs to know if the statement covers the one week ended December 31, 2011 the month ended December 31, 2011 the three months ended December 31, 2011 or the year ended December 31, 2011.".
- Accounting_assumptions wikiPageID "24116195".
- Accounting_assumptions wikiPageLength "3301".
- Accounting_assumptions wikiPageOutDegree "6".
- Accounting_assumptions wikiPageRevisionID "594093344".
- Accounting_assumptions wikiPageWikiLink Accounting.
- Accounting_assumptions wikiPageWikiLink Category:Accounting.
- Accounting_assumptions wikiPageWikiLink Entity_concept.
- Accounting_assumptions wikiPageWikiLink Going_concern.
- Accounting_assumptions wikiPageWikiLink Money.
- Accounting_assumptions wikiPageWikiLink United_States_dollar.
- Accounting_assumptions wikiPageUsesTemplate Template:Orphan.
- Accounting_assumptions subject Category:Accounting.
- Accounting_assumptions hypernym Basics.
- Accounting_assumptions comment "Accounting have established group of assumptions, those assumptions are the basics of financial accounting.".
- Accounting_assumptions label "Accounting assumptions".
- Accounting_assumptions sameAs Q4672782.
- Accounting_assumptions sameAs مفروضات_حسابداری.
- Accounting_assumptions sameAs m.07k88sk.
- Accounting_assumptions sameAs Q4672782.
- Accounting_assumptions wasDerivedFrom Accounting_assumptions?oldid=594093344.
- Accounting_assumptions isPrimaryTopicOf Accounting_assumptions.