A Local Businessman Owns Several Different Companies

question 58

Multiple Choice

A local businessman owns several different companies. His accountant prepares separate financial statements for each of these businesses. This is an application of the

• A) full disclosure principle.
• B) periodicity assumption.
• C) going concern assumption.
• D) economic entity assumption.

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Definitions:

Hemorrhage

The escape of blood from a ruptured blood vessel, which can be internal or external.

Gestation

The period of time between conception and birth during which a fetus develops inside a mother's uterus.

Pregnancy-related Exhaustion

Extreme tiredness and fatigue commonly experienced during pregnancy due to hormonal changes and the physical demands of carrying a baby.

Trimester

A period of three months used to divide the duration of pregnancy into three stages, each with its unique developmental milestones.