Listed Below Are Five Terms Followed by a List of Phrases

question 178

Multiple Choice

Listed below are five terms followed by a list of phrases that describe or characterize each of the terms. Match each phrase with the correct term.
-Going concern assumption

• A)Implies consensus among different observers.
• B)Assumes an entity will continue to operate indefinitely.
• C)Ignores the possibility of inflation.
• D)Assumes all transactions can be identified with a particular entity.
• E)Requires reporting the financial life of an entity in discrete time frames.

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Definitions:

Mint.com

A free, web-based personal financial management service for the US and Canada, which helps users track their spending and manage their budget.

Personal Finances

The management of an individual's money and financial decisions, including budgeting, investing, and planning for the future.

Cash Inflows

The total amount of money being transferred into a business, from sales, investments, or financing activities.

Financial Reporting Practices

Procedures and standards governing how a company's financial health and operations are recorded, summarized, and reported to stakeholders.