In Each of the Following Situations,choose the Accounting Concept That

question 78

Essay

In each of the following situations,choose the accounting concept that pertains: business entity concept,going concern concept,monetary unit concept,or periodicity concept.
(a.) A Japanese company reports its earnings in yen.
(b.) The owner of a sole proprietorship pays for the real estate taxes on her personal residence from her personal savings rather than from the business's checking account.
(c.) A corporation whose stock is traded on the American Stock Exchange prepares a report of its financial condition for the SEC on a quarterly basis.
(d.) Mike and Mattie are partners in a shoe repair business. The business is profitable with plans to show increased profitability into the foreseeable future.

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Definitions:

Mixed Design

A research design that combines elements of both within-subjects (measuring the same subjects across different conditions) and between-subjects designs (comparing different groups of subjects).

Longitudinal Research

A research design in which the same subjects are observed for an extended period of time to detect any changes that may occur.

Stability Of Behavior

Refers to the consistency of individual behaviors over time and across situations, emphasizing the enduring nature of personality and actions.

Practical

Pertaining to or concerned with the actual doing or use of something rather than with theory and ideas.