Multiple choice elements of accounts accounting standards: concept and objectives accounting standards accounting standards (as) and ifrs accounting systems and reporting standards Which of the following items is not a fundamental accounting assumption? Consistency Business entity Going concern All of these Reveal answer Fill a bubble to check yourself B Correct answer Explanation The three fundamental accounting assumptions are Going Concern, Consistency, and Accrual. The Business Entity concept is a basic accounting principle, but it is not classified as a fundamental accounting assumption under AS-1.