XACC 280 Week 1 Assignment Accounting Assumptions, Principles, and Constraints

Question 1

XACC 280 Week 1 Assignment Accounting Assumptions, Principles, and Constraints

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Write an essay in 250 to 300 words, including the following:

· The basic assumptions of accounting

· The principles of accounting

· The constraints of accounting

A conclusion stating how you think sound financial reporting depends on principles, assumptions, and constraints. Refer to the U.S. GAAP in your response.

Answer 1

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