The Assumption That a Business Can Continue to Remain in Operation

question 66

Multiple Choice

The assumption that a business can continue to remain in operation into the future is the:

• A)Monetary unit assumption.
• B)Periodicity assumption.
• C)Economic entity assumption.
• D)Going concern assumption.

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Definitions:

Lipid-soluble

The term lipid-soluble describes substances that can dissolve in fats and oils, allowing them to pass easily through cell membranes that consist of lipid bilayers.

Furuncles

Also known as boils, these are painful, pus-filled bumps under the skin caused by infected hair follicles.

Friction

The resistance that one surface or object encounters when moving over another, often producing heat.

Diluted Bleach

A solution made by mixing bleach with water, used to disinfect surfaces and remove stains by killing germs.