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.