If nothing is written about the accounting assumption to be followed it is presumed that
A)they have been followed
B)they have not been followed
C)they are followed to some extent
D)none of these

Question

Quizplus · Accepted Answer

When nothing is specified about the accounting assumptions, it is generally presumed that they have been followed. This presumption is based on the principle that financial statements are prepared according to generally accepted accounting principles (GAAP), which include fundamental accounting assumptions.

If Nothing Is Written About the Accounting Assumption to Be