Which of the Following Is Not a Basic Assumption Underlying

question 35

Multiple Choice

Which of the following is not a basic assumption underlying the financial accounting structure?

• A) Economic entity assumption.
• B) Going concern assumption.
• C) Periodicity assumption.
• D) Historical cost assumption.

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Definitions:

Safety Features

Elements or devices designed to minimize risk and protect against accidents or harm in products, vehicles, or environments.

Service Record

Documentation or history of the performance, maintenance, and repairs of equipment or of an individual's service in an organization.

Leasing Arrangements

Agreements where one party grants another the use of an asset for a specified period of time, in exchange for regular payments.

Buyer's Remorse

Buyer's remorse is the feeling of regret or guilt after making a purchase, often stemming from doubts about the decision or the value of the item bought.