The Owner Withdraws Inventory for His Own Use from the Business.To

question 13

Multiple Choice

The owner withdraws inventory for his own use from the business.To which financial statement assumption does this relate?

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

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Definitions:

Shareholders

Individuals or entities that own one or more shares of stock in a corporation, giving them a right to a portion of the corporation's profits and assets.

Constitution

The core rules or established traditions that govern how a state or any other organization is managed.

Corporation Law

Legal principles that govern the formation, operation, and dissolution of corporations.

Person

An individual human being, but in legal contexts, can also refer to entities recognized by law, such as corporations.