Definition: Periodicity assumption is the accounting concept used to prepare and present Financial Statements into the artificial period of times required by internal management, shareholders, or investors. 15% Discount Code PAPER15. Information and translations of Assumption in the most comprehensive dictionary definitions resource on the web. Key accounting assumptions state how a business is organized and operates. An example of assumption is the fulfillment of the duties of another person who has been fired from your company. 2 Make A Payment. If a foreclosure sale of the mortgaged property does . • Assumption are principles those are accepted as being true based on logic or reasons, but without proof or verification. Looking for definition of Assumption? assumption. assumption ( countable and uncountable, plural assumptions ) The act of assuming, or taking to or upon oneself; the act of taking up or adopting . www.drjayeshpatidar.blogspot.com 4. assumption: The undertaking of the repayment of a debt or the performance of an obligation owed by another. 2 an assuming of power or possession of something. Assumption may also refer to: Definition of Debt Assumption. For Martin Luther, Mary's Assumption was an understood fact, as his homily of 1522 indicates, in spite of the fact that Mary's Assumption is not expressly reported in Sacred Scripture. ASSUMPTION By N., Sam M.S. assumption in British English (əˈsʌmpʃən ) noun 1. the act of taking something for granted or something that is taken for granted 2. an assuming of power or possession of something 3. arrogance; presumption 4. logic a statement that is used as the premise of a particular argument but may not be otherwise accepted Compare axiom (sense 4) assumption in British English (əˈsʌmpʃən ) noun 1. the act of taking something for granted or something that is taken for granted 2. an assuming of power or possession of something 3. arrogance; presumption 4. logic a statement that is used as the premise of a particular argument but may not be otherwise accepted Compare axiom (sense 4) Define Assumption by Webster's Dictionary, WordNet Lexical Database, Dictionary of Computing, Legal Dictionary, Medical Dictionary, Dream Dictionary. Periodicity Assumption - Definition, Advantage, and Example. A critical thinker, however, is attentive to these assumptions because they are sometimes incorrect or misguided. ʃən / assumption noun (ACCEPTING AS TRUE) [ C ] a willingness to accept something as true without question or proof: [ + that clause ] The plan was based on the assumption that the schedule could be substantially speeded up by adding more people. An assignment and assumption of lease is a legal real estate document that allows one party to transfer rights and obligations of a lease to another party. Vendor delivery times. These key assumptions are: Accrual assumption. An assumption warranty deed is a general or special warranty deed that has an additional provision. It establishes the background used for coming to conclusions or decisions. 1. the premise or supposition that something is a fact, therefore, this is the act of taking something for granted. Their assumption of his guilt disqualified . Definition of assumption noun in Oxford Advanced American Dictionary. 4 (Logic) a statement that is used as the premise of a particular argument but may not be otherwise accepted. Assumptions made about these factors are circumstances that are presumed to be true in the future, and project strategies are built around them. Related Products. Definition: The monetary unit concept is an accounting principle that assumes business transactions or events can be measured and expressed in terms of monetary units and the monetary units are stable and dependable. Presumption is based on the verb presume. In other words, the accountants believe that the company will not liquidate in the near future. assumption See synonyms for assumption Translate assumption into Spanish noun 1 A thing that is accepted as true or as certain to happen, without proof. 'the assumption of an active role in regional settlements' Definition of Cost Flow Assumptions The term cost flow assumptions refers to the manner in which costs are removed from a company's inventory and are reported as the cost of goods sold. [L. adsumptio, fr. Assumption, in Christianity, refers to the Assumption of Mary, a belief in the taking up of the Virgin Mary into heaven. assumption noun Save Word Synonyms & Antonyms of assumption 1 something taken as being true or factual and used as a starting point for a course of action or reasoning the widespread assumption that violent entertainment leads to violent behavior in children your argument is faulty because it's based on erroneous assumptions Synonyms for assumption The undertaking of the repayment of a debt or the performance of an obligation owed by another. 1 Fill The Order Form. as‧sump‧tion /əˈsʌmpʃən/ W2 AWL noun 1 [ countable] something that you think is true although you have no definite proof → assume assumption that A lot of people make the assumption that poverty only exists in the Third World. Assumption. Key project member's performance. The dogmatic definition in the apostolic constitution Munificentissimus Deus which, according to Roman Catholic dogma, infallibly proclaims the doctrine of the Assumption, leaves open the question of whether, in connection with the ending of her earthly life, Mary underwent bodily death. However, assumptions are often used to document things that are likely to be true based on evidence. Debt assumption is a type of debt transfer. everyone who has been involved in teach- ing or writing about clear or critical think- ing, or in the analysis of everyday reason- ing processes, has found it necessary to refer to 'assumptions' .. DEFINITION • Assumptions are statements that are taken for granted or are considered true, even through they have not been scientifically tested. In the business world, assumptions are used in a wide variety of situations to enable companies to plan and make decisions in the face of uncertainty. Find 84 ways to say ASSUMPTION, along with antonyms, related words, and example sentences at Thesaurus.com, the world's most trusted free thesaurus. Assumption. n. 1 the act of taking something for granted or something that is taken for granted. The basic accounting assumptions are like the pillars on which the structure of accounting is based. Advertisement. The buyer takes the title to the home and assumes responsibility for the seller's mortgage payments. This arrangement may not involve loan underwriting. The word Assumption comes from the Latin verb assumere, meaning "to take to oneself." Our Lord, Jesus Christ took Mary home to himself where he is. A business entity assumption may sometimes be known as a separate entity . Accounting Period Assumption. How to use assumption in a sentence. The dogma does not attempt to answer or define this . An accounting guideline which allows the readers of financial statements to assume that the company will continue on long enough to carry out its objectives and commitments. Look up assumption or assume in Wiktionary, the free dictionary. Another definition could be "Project Assumptions are events or circumstances that are expected to occur during the project life-cycle". assumption noun (CONTROL) [ U ] His assumption of secretarial duties was timely. Equal group sizes may be defined by the ratio of the . Assumption. Definition of Assumption in the Definitions.net dictionary. Key project member's skills. The Mortgage Encyclopedia. Our inferences (also called conclusions) are often based on assumptions that we haven't thought about critically. In other words, we are not supposed to expect companies not to fail. The act of taking for granted, or supposing a thing without proof; supposition; unwarrantable claim. (Ecclesiastical Terms) the taking up of the Virgin Mary (body and soul) into heaven when her earthly life was ended 2. However, there can be some downside to using this accounting method if too many assumptions are made about revenue and expenses over shorter periods. Obligation taken on by a person who did not obtain it originally, but agrees to honor the terms of the existing obligation as a condition for the transaction. definition. Assumption noun. Economic Entity Assumption: Definition & Examples Instructor: Deborah Schell Show bio Deborah teaches college Accounting and has a master's degree in Educational Technology and is holds . The latter then takes all of the responsibilities of the policy including collection of payments and the payment of claims, totally absolving the former. Simple assumption. Debt assumption is a type of debt refinancing under which a specific financial obligation is officially transferred from one party to another. The word assumption is taken from a Latin word meaning "to take up." The Assumption of Mary is taught by the Roman Catholic Church and, to a lesser degree, the Eastern Orthodox Church. An assumption certificate is also called a cut-through . 3 arrogance; presumption. British Dictionary definitions for assumption (1 of 2) assumption / ( əˈsʌmpʃən) / noun the act of taking something for granted or something that is taken for granted an assuming of power or possession of something arrogance; presumption - 94 u. Assumption, in Eastern Orthodox and Roman Catholic theology, the notion or (in Roman Catholicism) the doctrine that Mary, the mother of Jesus, was taken (assumed) into heaven, body and soul, following the end of her life on Earth. We are a Assumption Definition In Critical Thinking trustworthy site with a 24-hours availability. When a purchaser of real property assumes the mortgage of the seller, he or she agrees to adopt the mortgage debt, becoming personally liable for its full repayment in case of default. Assumptions might include any of the following: Key project member's availability. tion ( ă-sŭmp'shŭn) A basic principle that is accepted as being true on the basis of logic or reason but without proof or verification. An assumption is an unexamined belief: what we think without realizing we think it. As defined by Pope Pius XII in 1950, the dogma declares that "Mary, the immaculate perpetually Virgin Mother of God, after . The built in assumption is that market forces and normal human nature can regulate the behaviours of individuals, companies and nations so that peace and prosperity will reign without those pesky elected bozos ruining everything.. Accuracy of the project schedule dates. ASSUMPTION. 2. one or several conditions that need to be met to justify use of a statistical procedure. Assumption Definition Assumption — the amount of risk accepted by a reinsurer. Often used in real estate transactions and mortgage lending, the assignment and assumption of lease agreement requires the landlord to consent to move forward. Going somewhere I don't usually | Diane Duane's weblog: "Out of Ambit" The most convincing response: Because the assumption is a very close approximation to the . Presumption refers to an idea that is taken to be true on the basis of probability. going concern assumption definition. Vendor performance issues. Time period assumptions are used to provide a more accurate picture of the value of assets and liabilities held for long periods and how business is doing throughout each month or quarter. Okay, let's assume that you've documented your assumptions.The next step is to validate and verify them. The Constant Variance Assumption: Definition & Example. Definition: Assumption refers to something that is taken as truth without proof. Look up assumption or assume in Wiktionary, the free dictionary. Home » Accounting Dictionary » What is the Monetary Unit Assumption? A guarantee from a reinsurance company that it will pay for losses from an insured event if the original insurance company fails to do so. It provides the assumption certificate even though it does not bear a contractual relationship directly with policyholders. Linear regression is a technique we use to quantify the relationship between one or more predictor variables and a response variable. Assumption, in Christianity, refers to the Assumption of Mary, a belief in the taking up of the Virgin Mary into heaven. 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