Xacc 280 week 1 checkpoint accounting assumptions, principles, and

Week 1 CheckPoint: Accounting Assumptions, Principles, and Constraints


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


o The basic assumptions of accounting


o The principles of accounting


o The constraints of accounting


o A conclusion stating how you think sound financial reporting depends on principles,


assumptions, and constraints. Refer to the U.S. GAAP in your response.