Which of the following principles or assumptions requires that the activities of a business be kept distinct from those of its owner(s) ?
A) economic entity concept
B) going concern assumption
C) monetary unit assumption
D) cost principle
Correct Answer:
Verified
Q75: Which of the following would violate the
Q76: Liabilities
A) are future economic benefits.
B) are current
Q77: Evan Guanzon owns and operates Guanzon's Pizza
Q78: Mel Green is the proprietor (owner) of
Q79: The International Accounting Standards Board
A) works to
Q81: An Income Statement
A) summarizes the changes in
Q82: Profit results when
A) Assets > Liabilities.
B) Revenues
Q83: Which of the following would NOT affect
Q84: The cost principle requires that when assets
Q85: The basic accounting equation, in a proprietorship,
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