The "Business Entity" Concept of Accounting Indicates That

question 60

Multiple Choice

The "business entity" concept of accounting indicates that:

• A) a successful business will stay in business.
• B) assets = liabilities + owners' equity.
• C) a business has an existence that is separate from its owner.
• D) accounting information must be useful to the owners and managers of businesses.

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Definitions:

Formally Trained

Having received instruction or education in a specific field or discipline from a recognized or accredited institution or program.

Acupuncture

A form of alternative medicine in which thin needles are inserted into the body to alleviate pain and treat various physical, mental, and emotional conditions.

Ethnocentrism

The belief in the superiority of one's own ethnic group or culture, often accompanied by a generalized view of others based on one's own standards.

Cultural Barrier

Social and cultural factors that impede communication, understanding, and collaboration across different cultures.