All of the options you provided are actually basic assumptions underlying financial accounting.

1. Periodicity Assumption: This is an accounting guideline which allows an accountant to divide up the complex, ongoing activities of a business into periods of a year, quarter, month etc.

2. Economic Entity Assumption: This assumption requires that the activities of the entity be kept separate and distinct from the activities of its owner and all other economic entities.

3. Historical Cost Assumption: This is an accounting policy that states that a company should record its assets, liabilities, and equity investments at their original purchase costs.

4. Going Concern Assumption: This assumption states that a company will continue its operations indefinitely.

So, none of the options provided is not a basic assumption underlying financial accounting.

Question

All of the options you provided are actually basic assumptions underlying financial accounting.

1. Periodicity Assumption: This is an accounting guideline which allows an accountant to divide up the complex, ongoing activities of a business into periods of a year, quarter, month etc.

2. Economic Entity Assumption: This assumption requires that the activities of the entity be kept separate and distinct from the activities of its owner and all other economic entities.

3. Historical Cost Assumption: This is an accounting policy that states that a company should record its assets, liabilities, and equity investments at their original purchase costs.

4. Going Concern Assumption: This assumption states that a company will continue its operations indefinitely.

So, none of the options provided is not a basic assumption underlying financial accounting.

Knowee AI · Accepted Answer

All of the options you provided are actually basic assumptions underlying financial accounting.

1. Periodicity Assumption: This is an accounting guideline which allows an accountant to divide up the complex, ongoing activities of a business into periods of a year, quarter, month etc.

2. Economic Entity Assumption: This assumption requires that the activities of the entity be kept separate and distinct from the activities of its owner and all other economic entities.

3. Historical Cost Assumption: This is an accounting policy that states that a company should record its assets, liabilities, and equity investments at their original purchase costs.

4. Going Concern Assumption: This assumption states that a company will continue its operations indefinitely.

So, none of the options provided is not a basic assumption underlying financial accounting.

Which of the following is not a basic assumption underlying financial accounting?Group of answer choicesPeriodicity assumptionEconomic entity assumptionHistorical cost assumptionGoing concern assumption PreviousNext

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