Bill Rogers Has Three Different Businesses

question 147

Multiple Choice

Bill Rogers has three different businesses.He has only one bank account for transactions relating to all of his various businesses.Which of the following concepts or principles of accounting is Bill violating?

• A) Faithful representation principle
• B) Entity concept
• C) Cost principle
• D) Going-concern concept

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Definitions:

Sweatshirt Production

Sweatshirt production refers to the manufacturing process of creating sweatshirts, involving various steps from fabric selection to sewing and finishing.

Optimal Quantity

The amount of a good or service that maximizes a consumer's satisfaction or a producer's profit given certain constraints and objectives.

Consumers

Individuals or organizations that use economic goods and services produced within an economy.

Firms

Business entities or organizations that produce goods or provide services with the aim of making a profit, often operating within specific industries or markets.