The Accounting Assumption That Requires Every Business to Be Accounted

question 13

Multiple Choice

The accounting assumption 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:

Suez Canal

An artificial waterway in Egypt, connecting the Mediterranean Sea to the Red Sea, allowing for a shorter shipping route between Europe and Asia.

Suburban Homeownership

The state or condition of owning a home in a suburban area, which typically implies a residential setting outside of urban centers, often associated with middle-class values and lifestyles.

Minorities

Groups in a population that are smaller in number and often differentiated by ethnicity, race, religion, or other identifying factors, sometimes facing social disadvantages.

In God We Trust

The official motto of the United States, adopted in 1956, which appears on American currency and symbolizes the country's acknowledgment of religion in public life.