The Rule That Requires Financial Statements to Reflect the Assumption

question 232

Multiple Choice

The rule that requires financial statements to reflect the assumption that the business will continue operating instead of being closed or sold,unless evidence shows that it will not continue,is the:

• A)Going-concern assumption.
• B)Business entity assumption.
• C)Objectivity principle.
• D)Measurement (Cost)Principle.
• E)Monetary unit assumption.

---

Definitions:

Birth Order

Refers to the order in which a person is born in their family, which can influence their personality, behavior, and psychological development.

Peers

Individuals who are of equal standing with one another in a particular group, such as in age, class, or job status.

Personality Online

The expression and portrayal of an individual's personality traits through their online presence and activities.

Social Media

Digital platforms and technologies that facilitate the sharing of ideas, thoughts, and information through the building of virtual networks and communities.