Name the Four Basic Assumptions of Financial Accounting

question 6

Essay

Name the four basic assumptions of financial accounting. Indicate why these assumptions, as a group, are important.

---

Definitions:

Less Qualified

Having fewer credentials, experience, or skills compared to others in a specific context or for a particular job.

Approach-avoidance conflict

A psychological dilemma experienced when a single goal or event has both attractive and repulsive aspects, causing both a desire to approach and an urge to avoid.

Entrance scholarship

An entrance scholarship is a financial award provided to students upon entering a college or university, usually based on academic merit or other criteria.

B+ average

A grade point average that typically ranges between 3.3 to 3.6 out of 4.0, indicating above-average academic performance.