The accounting assumption that states that the business,rather than its owners,is the reporting unit is the:
A)entity assumption.
B)going concern assumption.
C)stable-monetary-unit assumption.
D)historical cost assumption.

Question

Quizplus · Accepted Answer

The entity assumption states that the business entity is separate from its owners and the financial statements are prepared from the perspective of the business entity, not its owners.

The Accounting Assumption That States That the Business,rather Than Its