The Accounting Concept That Requires Financial Statement Information to Be

question 152

Multiple Choice

The accounting concept that requires financial statement information to be supported by independent, unbiased evidence other than someone's belief or opinion is:

• A) Business entity assumption.
• B) Monetary unit assumption.
• C) Going-concern assumption.
• D) Time-period assumption.
• E) Objectivity.

---

Definitions:

Duration Criterion

A specific time period that symptoms must be present for a condition or disorder to be diagnosed, ensuring consistency and accuracy in diagnoses.

Agoraphobia

The fear of places and situations that might cause panic, helplessness, or embarrassment.

Social Anxiety Disorder

A chronic mental health condition characterized by an intense fear of social situations due to perceived negative evaluation by others.

Specific Phobia

An intense, irrational fear of a specific object, activity, or situation that leads to significant distress or impairment in social, occupational, or other important areas of functioning.