The Accounting Concept That Requires Financial Statement Information to Be

question 152

Multiple Choice

The accounting concept that requires financial statement information to be supported by independent, unbiased evidence other than someone's belief or opinion is:

• A) Business entity assumption.
• B) Monetary unit assumption.
• C) Going-concern assumption.
• D) Time-period assumption.
• E) Objectivity.

---

Definitions:

Marketers

Professionals who are involved in the promotion and selling of products or services.

Retroactive Interference

A memory phenomenon where newly learned information interferes with the recall of previously learned information.

Proactive Interference

Proactive interference is a phenomenon in memory where old information inhibits the ability to learn and remember new information.

Decay

The gradual deterioration or loss of effectiveness, quality, or functioning over time.