System of financial reporting

Assignment Help Finance Basics

Reference no: EM1362026

1. What are the four basic assumptions which underlie the system of financial reporting?

2. Identify which basic assumption of accounting is best described in each item below:

a. The economic activities of FedEx are divided into 12-month periods for the purpose of issuing annual reports.

b. Solectron Corporation does not adjust amounts in its financial statements for the effect of inflation.

c. Walgreen reports current and noncurrent classifications in its balance sheet.

d. The economic activities of General Electric and its subsidiaries are merged for accounting and reporting purposes.

Reference no: EM1362026

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