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:

Benzophenone

A compound used in organic synthesis and as a photoinitiator, characterized by a central benzene ring bonded to two carbonyl groups.

Triphenylmethanol

A white crystalline solid organic compound, used often as an intermediate in the synthesis of other chemicals.

Toluene

A flammable liquid hydrocarbon that is extracted from coal tar and petroleum, used as a solvent and chemical feedstock.

Organic Product

A compound containing carbon atoms, often derived from living organisms or synthesized in laboratories.