If a Business Is Not Being Sold or Closed,the Amounts

question 6

Multiple Choice

If a business is not being sold or closed,the amounts reported in the accounts for assets used in operations are based on costs.This practice is justified by the:

• A) Cost principle.
• B) Going concern principle.
• C) Revenue recognition principle.
• D) Business entity principle.
• E) Monetary unit principle.

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Definitions:

Survey Feedback

A method of gathering data from respondents and then providing them or organizations with the results for analysis or action.

Emotional Standstill

A state or condition where an individual experiences a lack of emotional growth, change, or progress.

Denial

Denial is a psychological defense mechanism wherein an individual refuses to accept reality or facts, thus avoiding dealing with uncomfortable emotions.

Anger

A potent sensation of irritation, dissatisfaction, or antagonism.