The basic assumptions of accounting used by the International Accounting Standards Board (IASB) include
A) Monetary unit.
B) Decision usefulness
C) Timeliness.
D) All of the choices are basic assumptions of accounting.

Question

Quizplus · Accepted Answer

The basic assumptions of accounting include the monetary unit assumption, which implies that money is the common denominator of economic activity and provides an appropriate basis for accounting measurement and analysis. Decision usefulness and timeliness are considered qualitative characteristics of financial information according to the IASB's conceptual framework, not basic assumptions.

The Basic Assumptions of Accounting Used by the International Accounting