The Accounting Assumption That States That the Business,rather Than Its

question 148

Multiple Choice

The accounting assumption that states that the business,rather than its owners,is the reporting unit is the:

• A)entity assumption.
• B)going concern assumption.
• C)stable-monetary-unit assumption.
• D)historical cost assumption.

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Definitions:

Sodium

A chemical element (Na) that is an essential mineral for life, involved in nerve impulse transmission and muscle function.

Aerobic Respiration

The process by which cells convert glucose and oxygen into energy, carbon dioxide, and water, requiring oxygen to proceed.

Creatine Phosphate

A molecule that stores energy in muscle cells, releasing it quickly to produce ATP during intense physical activity.

ATP

Adenosine triphosphate, a high-energy molecule used as the main energy currency in the cell for metabolic processes.