The Basic Assumptions of Accounting Used by the International Accounting

question 61

Multiple Choice

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.

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Definitions:

Scheme

An action pattern or mental structure that is involved in the acquisition and organization of knowledge.

Genotype

The genetic form or constitution of a person as determined by heredity.

Anal Stage

The second stage in Freud's theory of psychosexual development, occurring approximately between the ages of 18 months and three years, where the focus of pleasure shifts to the anus and includes behaviors associated with toilet training.

Oral Stage

The first phase in Freud's psychosexual development theory, where a child's pleasure centers are focused on the mouth area.