The Accounting Concept Which Assumes That,absent Any Information to the Contrary,the

question 21

Multiple Choice

The accounting concept which assumes that,absent any information to the contrary,the business will continue into the foreseeable future is the:

• A)business entity concept
• B)future entity concept
• C)going concern concept
• D)periodicity concept

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Definitions:

Bushels

A measure of volume used primarily for agricultural produce, equivalent to approximately 8 gallons in the U.S. system.

Harvest

The process or period of gathering in crops, typically marking the end of a growing season.

Grain

Cereal crops that are harvested for human or animal consumption.

Rats

Rodents known for their adaptability to various environments, often considered pests due to their diet, which can include stored food and their potential to spread diseases.