The Accounting Concept That Requires Every Business to Be Accounted

question 176

Multiple Choice

The accounting concept that requires every business to be accounted for separately from other business entities,including its owner or owners is known as the:

• A)Time-period assumption.
• B)Business entity assumption.
• C)Going-concern assumption.
• D)Revenue recognition principle.
• E)Cost principle.

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Definitions:

Continuous Process

A production process that operates without interruption for extended periods, commonly used in chemical and energy industries.

Discrete Product-Producing Process

A manufacturing or production process that outputs distinct, separate goods, often in a batch or serialized manner.

Human-Machine Interface

The user interface in industrial control systems that allows humans to interact, monitor, and communicate with machinery and processes.

Actuators

Devices that convert electrical signals into physical movement or action, often used in industrial machinery to move or control mechanisms.