Which of the Following Concepts (Or Principles)require an Assumption That

question 103

Multiple Choice

Which of the following concepts (or principles) require an assumption that the entity will remain in operation for the foreseeable future?

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

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Definitions:

Relay Valve

In air brake systems, a valve that receives a control signal and then uses a local supply of air to send out to actuator devices. Most relay valves replicate the signal pressure valve to the out circuit, but some are designed to amplify or modulate the signal.

Exhaust Port

An opening through which exhaust gases are expelled from an engine or machinery.

Quick-release Valve

A quick-release valve is a valve mechanism designed to allow rapid release of pressure or contents from a system, used in applications like air braking systems in vehicles.

Intake Adapter

A component that allows the connection of various parts of the intake system in an engine, often modifying the flow for performance enhancements.