The Life of a Business Is Divided into Equal Periods

question 21

Multiple Choice

The life of a business is divided into equal periods to determine profit or loss for that period.What assumption/concept underlies this procedure?

• A) materiality
• B) monetary
• C) accounting period
• D) accounting entity.

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Definitions:

Real-Estate Agent

A licensed professional who represents buyers or sellers in real estate transactions, providing guidance, negotiation, and expertise.

Contaminated Cola

A scenario or product where cola or soft drink is tainted or polluted, causing potential harm to consumers.

Zoning

Regulations governing the use and development of land to shape urban growth and land use.

Negligence

A failure to behave with the level of care that someone of ordinary prudence would have exercised under the same circumstances, leading to damages or injury.