Which of the Following Concepts Relates to Separating the Reporting

question 102

Multiple Choice

Which of the following concepts relates to separating the reporting of business and personal economic transactions?

• A) cost concept
• B) unit of measure concept
• C) business entity concept
• D) objectivity concept

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Definitions:

Public Sector

The part of the economy that is controlled by the government including services such as education, healthcare, and law enforcement.

Private Sector

The part of the economy owned and operated by individuals and companies for profit, as opposed to the public sector operated by the government.

Picketing

The act of demonstrating or protesting, often by workers, outside a place of employment to voice grievances or demands.

Statutes

Laws established by a legislative body governing behavior and setting forth the legal responsibilities and duties of parties.