According to the Entity Concept

question 7

Multiple Choice

According to the entity concept
I.each unit must keep separate records.
II.each unit reports the results of operations separate and apart from owners.
III.every unit is liable for tax on its income.
IV.each unit is classified as one of two basic entity types.
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• A)Statements I and II are correct.
• B)Statements II and III are correct.
• C)Only statement IV is correct.
• D)Statements I, III, and IV are correct.
• E)Statements I, II, and IV are correct.

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Definitions:

Specific Learning Disorder

A type of neurodevelopmental disorder that hinders the ability to learn or use specific academic skills, such as reading or mathematics.

Autism Spectrum Disorder

A developmental disorder characterized by difficulties in social interaction, communication, and by restricted and repetitive behaviors.

Multifinality

The principle in developmental psychology that similar early experiences can lead to different outcomes in individuals.

Equifinality

A principle from systems theory suggesting that different actions in a given context can lead to the same outcome.