Which of the Following Are Assumptions of Accounting

question 43

Multiple Choice

Which of the following are assumptions of accounting?

• A)Unit of measure,separate entity,going concern,time period
• B)Cost,revenue recognition,matching,full disclosure
• C)Cost-benefit,materiality,industry practices
• D)Unit of measure,cost-benefit,materiality,industry practices

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Definitions:

Growth

The process of increasing in physical size, capacity, production, or the comprehensive development of entities.

Primary Business

The central, key, or main area of business focus or activity for a company.

Liquidation

What occurs when a business closes and sells its assets to pay creditors.

Closing Operations

The process of shutting down business activities and ceasing operations, often involving selling assets, paying off debts, and distributing remaining funds to owners or shareholders.