The Accounting Concept That Requires Financial Statement Information to Be

question 185

Multiple Choice

The accounting concept that requires financial statement information to be supported by independent,unbiased evidence is:

• A)Business entity assumption.
• B)Revenue recognition principle.
• C)Going-concern assumption.
• D)Time-period assumption.
• E)Objectivity principle.

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Definitions:

Per Year

A term used to specify the occurrence or calculation of something on an annual basis.

Reward Program

A program offered by a company to customers who frequently make purchases, designed to encourage ongoing business by offering benefits or rewards.

Employee

Individual hired by a company or another person to conduct tasks, services or jobs for compensation.

Deposit Today

The act of placing money into a financial account or investment at the current date.