The Accounting Concept Requiring That an Accounting System Reflect Information

question 94

Multiple Choice

The accounting concept requiring that an accounting system reflect information relating only to those economic events pertaining to a particular entity is the:

• A)business entity concept
• B)going entity concept
• C)monetary unit concept
• D)periodicity concept

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Definitions:

Benefits Tax

A taxation principle where taxes are levied according to the benefits received by the taxpayer.

Proportional

Characterized by a constant ratio or relation in degree or number between two or more quantities; directly comparative in size, degree, or amount.

Progressive

Pertaining to a tax system where the tax rate increases as the taxable base amount increases, often aimed at ensuring fairness in taxation.

Progressive

A political and social philosophy advocating for reforms and changes that aim towards greater equality and the improvement of public welfare.