A Basic Assumption of Accounting That Requires Activities of an Entity

question 3

Multiple Choice

A basic assumption of accounting that requires activities of an entity be kept separate from the activities of its owner is referred to as the

• A) stand alone concept.
• B) monetary unit assumption.
• C) corporate form of ownership.
• D) economic entity assumption.

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Definitions:

Ecological Footprint

A metric that quantifies the amount of nature's resources an individual, community or activity consumes relative to the Earth's capacity to regenerate those resources.

Canada

A country in North America known for its vast landscapes, multicultural diversity, and as the second-largest country in the world by area.

Netherlands

A country located in Northwestern Europe, known for its flat landscape, canals, tulip fields, windmills, and cycling routes.

Ecological Footprint

A measure of human demand on Earth's ecosystems, quantifying the amount of natural resources consumed and waste produced.