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      Question

      If nothing is given in the financial statements about

      the three accounting assumptions, then it is to be treated as it
      A Is assumed to be followed Correct Answer Incorrect Answer
      B Is assumed that it is not followed Correct Answer Incorrect Answer
      C Is assumed to be followed to some extent Correct Answer Incorrect Answer
      D Depends on judgment Correct Answer Incorrect Answer
      E None of the above Correct Answer Incorrect Answer

      Solution

      If nothing is given in the financial statements about the three fundamental accounting assumptions, they are typically treated as if they are followed.

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