Answer:
1. Separate Entity Assumption: Business is an entity that
is separate and distinct from its owners, so that the finances of the firm are
not mixed with the finances of the owners.
2. Going concern Assumption: The business is going to be operated for foreseeable future
3. Monetary unit Assumption: The transaction must be
reported in the form of monetary unit
i.e., Taka, US Dollar etc
4. Periodicity Assumption: Information should be
prepared and reported periodically (quarterly, Half-yearly, annually).
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