Genity Corporation Records Business Transactions in Dollars and Disregards Changes

question 126

Multiple Choice

Genity Corporation records business transactions in dollars and disregards changes in the value of a dollar over time.Which of the following accounting assumptions does this represent?

• A)economic entity assumption
• B)going concern assumption
• C)accounting period assumption
• D)monetary unit assumption

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Definitions:

Latitude And Altitude

Geographical parameters where latitude refers to a location's distance north or south of the equator, and altitude refers to the height of a point relative to sea level.

Deserts

Vast, arid regions characterized by minimal rainfall, extreme temperatures, and sparse vegetation.

Latitude

A geographic coordinate that specifies the north-south position of a point on the Earth's surface, measured in degrees from the equator.

Light Intensity

A measure of the amount of light per unit area, affecting photosynthesis in plants and visibility in environments.