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:

Erikson

Refers to Erik Erikson, a developmental psychologist known for his theory on psychosocial development across the lifespan.

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The transitional stage of physical and psychological development that occurs between childhood and adulthood, typically starting from puberty to legal adulthood.