What is the monetary unit assumption in financial reporting?
The monetary unit principle assumes that money (e.g. US dollar) is the primary unit of measurement and that all transactions and/or economic events will be measured in a form of currency.
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What is the periodicity assumption in relation to financial reporting?
The periodicity assumption means that a company’s economic activities can be divided into relevant reporting periods. For example, it is assumed that any company with solid financial reporting period can show the results of the business on a monthly, quarterly, or annual basis. The financial statements should contain specific reference to the date or time...
What is the periodicity assumption in relation to financial reporting?
The periodicity assumption means that a company’s economic activities can be divided into relevant reporting periods. For example, it is assumed that any company with solid financial reporting period can show the results of the business on a monthly, quarterly, or annual basis. The financial statements should contain specific reference to the date or time...
