When Tamar Snyder Opened a Shoe Store, Her Accountant Did

question 46

Multiple Choice

When Tamar Snyder opened a shoe store, her accountant did not include the cash in her personal savings account as one of the assets of the business. This is an example of

• A)the conservatism constraint.
• B)the materiality constraint.
• C)industry practice constraint.
• D)the separate entity assumption.

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Definitions:

Strategic Planning

Strategic Planning is the process by which an organization defines its strategy, direction, and decision-making on resource allocation to pursue its long-term goals.