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Buenavista Colleges

In: Business and Management

Submitted By joymiranda
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A. Accounting Assumptions= Assumption#1. Accounting Entity-A company is considered a separate “living” enterprise, apart from its owners. In other words, a corporation is a “fictional” being: / It has a name. / It has a birthdate and birthplace (referred to as incorporation date and place, respectively). / It is engaged in clearly defined activities. / It regularly reports its financial health (through financial reports) to the general public. / It pays taxes. / It can file lawsuits. Why Assume “Accounting Entity”? /It Provides Context. The accounting entity assumption enables users of financial reports to tell whose financials they are reviewing and therefore places those financials into context. /It Promotes Ownership. The assumption of a company as a separate economic entity promotes ownership in the business, since its current and future owners know that their financial liability is limited to the value of their investment while they are legally shielded from any potential lawsuits brought against the company. Assumption#2. Going Concern- A company is considered viable and a “going concern” for the foreseeable future. In other words, a corporation is assumed to remain in existence for an indefinitely long time. Exxon Mobil, for example, has existed since 1882, and General Electric has been around since 1892; both of these companies are expected to continue to operate in the future. To assume that an entity will continue to remain in business is fundamental to accounting for publicly held companies. Why Assume “Going Concern”? The going concern assumption essentially says that a company expects to continue operating indefinitely; that is, it expects to realize its assets at the recorded amounts and to extinguish its…...

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