The business entity assumption:
A) Means that accounting information reflects a presumption that the business will continue operating instead of being closed or sold.
B) Means that we can express transactions and events in monetary,or money,units.
C) Presumes that the life of a company can be divided into time periods,such as months and years,and that useful reports can be prepared for those periods.
D) Means that a business is accounted for separately from other business entities,including its owners.
E) Prescribes that a company record the expenses it incurred to generate the revenue reported.
Correct Answer:
Verified
Q211: Which of the following accounts is not
Q213: The going concern assumption:
A)Means that accounting information
Q214: Congress passed the Dodd-Frank Wall Street Reform
Q217: The materiality constraint:
A)Prescribes that accounting information is
Q218: The revenue recognition principle:
A)Prescribes that accounting information
Q220: Which of the following combinations results in
Q225: Describe the income statement and the relation
Q228: Identify several opportunities in accounting and distinguish
Q229: Explain the role of accounting in the
Q234: Identify the users and uses of accounting
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents