The Accounting Assumption That a Business Will Continue to Operate

question 42

Multiple Choice

The accounting assumption that a business will continue to operate into the foreseeable future is the:

• A)entity assumption.
• B)going concern assumption.
• C)accounting period assumption.
• D)historical cost assumption.

Evaluate the effects of tax policies on economic behavior and fairness.

Understand the historical context and arguments concerning tax policy debates.

Analyze the equity and efficiency implications of various tax proposals.

Understand the definition and implications of tax incidence.

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Definitions:

Federal, State, And Local Governments

The three levels or layers of government in a federal system which typically share responsibilities, powers, and resources to govern a country.

Isometric Exercise

A type of strength training in which there is no alteration in the angle of the joint or the length of the muscle during contraction.

Aerobic Exercise

Physical exercise of moderate intensity, which relies primarily on the aerobic energy-generating process, enhancing cardiovascular fitness.

Endorphins

Naturally occurring neurochemicals whose effects resemble those of the opiates.