Question
Statement: The poor identification of vulnerable low
lying areas was one of the many factors that led to the massive floods. Assumption I: A lot of people lost their lives in the floods Assumption II: There was a huge loss to houses and property in the massive floods. In each question below a statement is given followed by two assumptions numbered I and II. An assumption is something supposed or taken for granted. You have to consider the statement and the following assumptions and decide which of the assumptions is implicit in the statement.Solution
Because of inadequate data none of the assumptions is implicit.
It is essential to standardize the accounting principles and policies in order to ensure
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