Going Concern, Consistency & Accrual | Why We Assume These Rules? | डांस टीचर थोड़ी है | Concepts

“Going Concern, Consistency, and Accrual— these are the three Fundamental Accounting Assumptions.” Everyone who prepares financial statements follows these assumptions. And because of that, everyone who reads or uses those financial statements automatically believes that these rules have been followed. Think of it like this: When you come to a CA class, do you need to announce— “Sir, I have come to study accounts”? No. It’s obvious. You’re sitting in an accounts class— of course you’re here to study accounts. You don’t need to say it. It is assumed. In the same way, when someone looks at financial statements, they don’t ask: “Was going concern followed?” “Was consistency followed?” “Was accrual followed?” They assume it is already followed. For example: If I show you the financial statements of a large company like Reliance, you will naturally assume: 👉 The business is a going concern 👉 Consistency has been maintained 👉 Profit is calculated on an accrual basis But what if these assumptions are not followed? Then the company must explicitly disclose it. Because users of financial statements are already assuming that these rules are followed. That’s why they are called Fundamental Accounting Assumptions. They are not repeatedly stated— because they are always presumed to be followed. #CAInter #AccountingBasics #FundamentalAccountingAssumptions #GoingConcern #ConsistencyConcept #AccrualConcept #AccountingConcepts #ConceptClarity #CAStudents #CAAspirants #CAIndia #CommerceStudents #StudySmart #AccountsMadeEasy #LearnConcepts #FinancialStatements #AccountingClasses #SAGC