The Owner of a Corner Store Keeps Separate Private and Business

question 2

Multiple Choice

The owner of a corner store keeps separate private and business transactions.To which financial statement assumption does this relate?

• A) Materiality
• B) Accounting entity
• C) Accounting period
• D) Going concern

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Definitions:

Free Will

The concept that human beings have the power to make choices that are not determined by natural or divine forces.

Self-Actualization

The realization or fulfillment of one's talents and potentialities, considered as a drive or need present in everyone.

Esteem Needs

According to Maslow's hierarchy of needs, these are the needs for self-esteem, strength, competence, mastery, self-confidence, independence, and freedom.

Higher Needs

Refers to the more advanced stages in Maslow's hierarchy of needs, including esteem and self-actualization needs, beyond basic physiological and safety needs.