As Per the ________,The Entity Will Remain in Operation for the Foreseeable

question 175

Multiple Choice

As per the ________,the entity will remain in operation for the foreseeable future.

• A) economic entity concept
• B) monetary unit assumption
• C) going concern assumption
• D) cost principle

---

Definitions:

Ownership

The legal right or title to possess, use, control, and dispose of an asset, property, or resource, recognized by law.

Purchasing

The process of sourcing and acquiring goods and services needed by an organization or individual.

Valid Gift

A legal principle referring to a voluntarily transfer of property or a right from one individual to another, without any consideration or payment.

Consideration

The value (which can be in the form of goods, services, money, or a promise) exchanged between parties in a contract, making the agreement legally binding.