Which of the Following Sets Includes Only Accounting Assumptions and Conventions

question 41

Multiple Choice

Which of the following sets includes only accounting assumptions and conventions?

• A)timeliness, prudence, historical cost, and neutrality
• B)matching, comparability, period of time, and reliability
• C)monetary unit, going concern, relevance, and materiality
• D)monetary unit, entity, going concern, and realization-recognition

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Definitions:

Specialty Products

High-value or unique items that consumers purchase after extensive searching and comparison, often including luxury goods or niche market items.

Burial Services

Professional services offered by funeral homes and cemeteries that include preparing the deceased for burial and conducting the burial ceremony.

Convenience Products

Items that are widely available and easy to purchase, typically requiring minimal effort by the consumer to obtain them.

Business Products

Business products are goods or services sold by one business to another for resale, use in production, or general business operations.