Chapter 2, Problem 5MCQ

To determine

Introduction: The Financial Accounting Standards Board (FASB) has laid down certain characteristics, assumptions and principles commonly known as conceptual framework of financial reporting which forms the basis for Generally accepted Accounting Principles (GAAP). In this key accounting assumptions states how a business transaction can be recorded. There are four basic assumptions which includes economic entity assumption, time-period assumption, going concern assumption and monetary unit assumption.

To choose-An option which is not included in accounting assumptions.