Provide the Definition of Each of the Following Accounting Assumptions

question 143

Essay

Provide the definition of each of the following accounting assumptions.
$$\begin{array} { | l | l | } \hline \text { Assumption } & \text { Definition } \\\hline \text { Monetary Unit } & \\\hline \text { Economic Entity } & \\\hline\end{array}$$

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Definitions:

Trial Court

A court of law where cases are first tried, evidence is presented, and judgments are made.

Jury

A group of people legally selected and sworn to inquire into any matter of fact and to give their verdict according to the evidence presented to them.

Standing

The legal right of a party to bring a lawsuit by demonstrating to the court sufficient connection to and harm from the law or action challenged (i.e., the plaintiff must demonstrate that he or she is harmed or will be harmed). Otherwise, the court will dismiss the case, ruling that the plaintiff “lacks standing” to bring the suit.

Plaintiff

The party who initiates a lawsuit in a court of law, alleging harm caused by the defendant's action or inaction.