Accounting Assumptions Page. What is it all about?

Accounting assumptions page is about the assumptions made towards the accounts/transactions of a certain accounting system. It is where the accountant states all information about the accounts, in case if there are certain things that a person needs to know. For example, if there are no creditors in the business, the accountant should state it in the accounting assumptions page in order to ease the users of the accounts to understand and analyze the data.

in the UBS project given to me, I faced a few problems while making accounts and calculating amounts for the accounts. Therefore, I have wrote a few accounting assumptions regarding my project.

For the company I have chosen, which is Bonda Kasmah, the accounting assumptions are :

1. There are no debtors for Bonda Kasmah because all sales are made by cash.
2. All sales amount were recorded during the interview, as he could not give us a copy of the cash book.
3. I could not obtain full information about the creditors of Bonda Kasmah. The names of the creditors were obtained from the cheque book.
4. There is no Accounts Payable account and list of debtors, since there are no debtors.
5. Transaction documents were not sufficient as there was a loss of documents by the owner. For purchases without documents, purchases were assumed to be equivalent to the amount stated in the cheque book.