In accounting, it is important to understand the assumptions that are made when certain transactions have been recorded in the financial statements. These assumptions are usually stated in a footnote to the financial statements. They are vital for understanding how the company's assets and liabilities may change over time, as well as other pertinent information on how an accounting equation works.
Accounting is a set of principles, methods and procedures for recording, communicating and analyzing financial information. There are many fundamental assumptions that managers must make, like the cost of capital, the goodwill value in a business, the time value of money and more. However, certain accounting principles are not taken into account but they still impact the way accounting is done.
The accounting entity concept is used to identify asset ownership and liability obligations, as well as the profitability of a particular set of economic activities.
Learner's Ratings
4.3
Overall Rating
75%
10%
0%
3%
12%
Reviews
B
bramhanand dhumal
5
Useful course 👍
B
Binandi Karmakar
5
Very helpful course
Thanks LearnVern
H
Hasan Ahmad
5
EXCELENT
S
Suneet
5
Good 👍
N
nadeem abbas
5
I am interest this course
B
Barun Singh sonar
5
really love this course, I strongly suggest to make upper level course
Thank you
A
Arti Amlekar
5
Good for learn
A
amit choubey
5
superb and helpful course.
S
Sapna Chauhan
5
Nothing
H
Hexa
5
I m doing business from last 4 years but didn't understand profit loss statement but due to this course I am Very Confidient I will learn each every concept of Accounting
Thanks
Learnvern team
Share a personalized message with your friends.