The Accounting Concept That Requires Every Business to Be Accounted

question 176

Multiple Choice

The accounting concept that requires every business to be accounted for separately from other business entities,including its owner or owners is known as the:

• A)Time-period assumption.
• B)Business entity assumption.
• C)Going-concern assumption.
• D)Revenue recognition principle.
• E)Cost principle.

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Definitions:

Hogback

Any ridge with a sharp summit and one slope inclined approximately parallel to the dip of layers, resembling in outline the back of a hog.

Fault Zone

A zone of faults and associated fracturing.

Continental Rift

A linear zone where the Earth's crust and lithosphere are being pulled apart and is the site of potential volcanic activity and new oceanic crust formation.

Contact Metamorphism

A process where rocks are altered due to heat and chemical fluids from nearby magma.