The Assumption That in the Absence of Contrary Information a Business

question 122

Multiple Choice

The assumption that in the absence of contrary information a business entity will continue indefinitely is the:

• A) Periodicity assumption.
• B) Entity assumption.
• C) Going concern assumption.
• D) Historical cost assumption.

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Definitions:

Electromagnetic Spectrum

A range of electromagnetic radiation that includes visible light, infrared, ultraviolet, X-rays, and other wavelengths.

Infrared Portion

A section of the electromagnetic spectrum with wavelengths longer than those of visible light but shorter than those of microwaves.

Outer Planets

The planets in the solar system that are located beyond the asteroid belt, including Jupiter, Saturn, Uranus, and Neptune.

Gas Rich

Refers to a substance or environment containing high amounts of gas, commonly used in geological contexts to describe volcanic rocks or magma that contain a substantial volume of dissolved gases.