Without the Business Entity Convention, Which Item in the Statement

question 57

Multiple Choice

Without the business entity convention, which item in the statement of financial position would not exist?

• A)Assets.
• B)Equity.
• C)Liabilities.
• D)Cash at bank.

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Definitions:

Motivated Forgetting

A theoretical process in which individuals may unconsciously block memories of traumatizing or negative experiences.

Misinformation Effect

The phenomenon that occurs when a person's recall of episodic memories becomes less accurate because of post-event information.

Spacing Effect

The phenomenon that information is better retained when study sessions are spaced out over time rather than crammed in a short period.

Source Amnesia

A memory disorder where an individual can remember certain information but is unable to recall how, when, or where they learned it.