The major underlying assumptions of accounting include all of the following except:
A)Economic entity.
B)Monetary unit.
C)Legal liability.
D)Going concern.

Name: The major underlying assumptions of accounting include all of the following except: A)Economic entity. B)Monetary unit. C)Legal liability. D)Going concern.
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Question

Quizplus · Accepted Answer

Legal liability is not one of the major underlying assumptions of accounting. The four major assumptions of accounting are economic entity, monetary unit, going concern, and time period.

The Major Underlying Assumptions of Accounting Include All of the Following