The Accounting Assumption That Requires Every Business to Be Accounted

question 13

Multiple Choice

The accounting assumption 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:

Piaget's Preoperational

A stage of cognitive development in Jean Piaget's theory, occurring roughly between the ages of 2 and 7, characterized by the development of language and symbolic thinking but lacking in logical operations.

Cognitive Development

The process by which an individual's ability to think, understand, and interact with the world evolves and matures over time.

Categorize

To place into groups or classes based on shared characteristics or attributes.

Brain Imaging

Techniques used to visualize the structure or function of the brain for diagnosis or research.