The Accounting Concept That Requires Every Business to Be Accounted

question 176

Multiple Choice

The accounting concept that requires every business to be accounted for separately from other business entities,including its owner or owners is known as the:

• A)Time-period assumption.
• B)Business entity assumption.
• C)Going-concern assumption.
• D)Revenue recognition principle.
• E)Cost principle.

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Definitions:

Advertiser's Website

A website owned by a business or individual for the purpose of promoting and advertising products or services.

Fixed Amount

A specific sum of money that does not change or vary under specified conditions.

Gratuitous

Provided without requiring anything in return; given freely or without charge.

Service

The provision of assistance or professional work performed for another person or organization.