February 2007
Intermediate to advanced
288 pages
6h 32m
English
book
Crash Course in Accounting and Financial Statement Analysis, Second Edition
by Matan Feldman, Arkady Libman
Content preview from Crash Course in Accounting and Financial Statement Analysis, Second Edition
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Wrap-up: Assumptions
We have just covered four assumptions in accounting:
| A corporation is considered a “living, fictional” being. |
| A corporation is assumed to remain in existence indefinitely. |
| Financial statements show only measurable activities of a company. Financial statements must be reported in the national monetary unit (i.e., U.S. dollars for U.S. companies). |
| A company’s continuous life can be divided into measured periods of time for which financial statements are prepared. U.S. companies are required to file quarterly and annual reports. |
1. Accounting Entity and Going Concern
Exercise
|
2. Measurement
Exercise
|
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