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Accounting assumptions can be defined as a set of rules that ensures the business operations of an organization and are conducted efficiently and as per
Accounting assumptions can be defined as a set of rules that ensures the business operations of an organization and are conducted efficiently and as per the standards defined by the FASB (Financial Accounting Standards Board) which ultimately helps in laying the groundwork for consistent, reliable and valuable information.
Required: What is the underlying accounting assumption in the preparation of the financial statement? How this assumption is being applied and explain this with Two (2) examples.
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