Which of the Following Is Not an Accounting Assumption

question 203

Multiple Choice

Which of the following is not an accounting assumption?

• A) Integrity.
• B) Going concern.
• C) Periodicity.
• D) Economic entity.

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Definitions:

Depletion Expense

The allocation of the cost of natural resources over the period they are consumed or sold.

Coal Mine

A site for the extraction of coal from the earth, typically involving underground or open-pit operations.

Accumulated Depreciation

The total depreciation for a fixed asset that has been charged to expense since the asset was acquired and made available for use.

Trade-in Allowance

The amount credited to a buyer by a seller for the property or goods being part-exchanged.