Marsha Bogswell Is the Owner of Bogswell Legal Services, Inc

question 81

Multiple Choice

Marsha Bogswell is the owner of Bogswell Legal Services, Inc. Which accounting principle requires Marsha to keep her personal financial information separate from the financial information of Bogswell Legal Services, Inc.?

• A)Monetary unit assumption.
• B)Going-concern assumption.
• C)Cost principle.
• D)Business entity assumption.
• E)Matching principle.

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Definitions:

Bureau Of Labor Statistics

A U.S. government agency responsible for collecting and reporting labor market activity, working conditions, and price changes in the economy.

Consumer Price Index

A measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care, calculated by taking price changes for each item in the predetermined basket of goods and averaging them.

Weekly

Pertains to something that occurs, is done or calculated every week.

Basket Of Goods

A fixed set of consumer products and services valued on a regular basis for measuring inflation in an economy or specific market.