it assumes that all of the business transactions are sperate from the business owner's personal transactions.
Accrual Basis Assumption
it requires that all business transactions and other events are recognized in the accounting records when they occur, rather than when the cash or equivalent is received or paid.
Going Concern Assumption
dictated that the business shall continue to operate indefinitely unless otherwise proven.
Monetary Unit Assumption
it assumes that only transactions that can be expressed in terms of money are recorded
Monetary Unit Assumption
economic activities of a Philippine entity are measured and reported in the Philippine entity are measured and reported in Philippine peso
Time-Period Assumption
the life of an economic entity can be divided into artificial time periods for the purpose of providing periodic reports on the economic activities of the entity.
Time- Period Assumption
this assumption requires a business to complete the whole accounting process of a business over a specific operating time period.
12 months
assessment of going concern for atleast this amount in months
