The Accounting Rule Which Assumes That Team Shirts Is Continuing

question 57

Multiple Choice

The accounting rule which assumes that Team Shirts is continuing in business for an indefinite period of time is the ________.

• A)separate-entity assumption
• B)going-concern assumption
• C)monetary-unit assumption
• D)historical-cost principle

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Definitions:

Erosion

The process by which soil, rock, and other surface material are worn away by wind, water, or other natural agents.

Combustion

A chemical reaction that occurs when a substance reacts with oxygen to produce heat and light, commonly seen in burning.

Carbon Dioxide

A clear, scentless gas that is a byproduct of burning carbon-based substances and the respiration process, which is utilized by plants during the process of photosynthesis.

Terrestrial

Terrestrial refers to organisms or environments that are land-based, as opposed to aquatic or marine.