Which Assumption Is the Basis Upon Which the Personal Assets

question 43

Multiple Choice

Which assumption is the basis upon which the personal assets of the owner are excluded from the business's balance sheet?

• A) Going concern
• B) Accrual basis
• C) Materiality
• D) Accounting entity

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Definitions:

Aleksandr Oparin

A Soviet biochemist known for his contributions to the theory that life on Earth developed through a process of chemical evolution.

Reducing Atmosphere

An atmospheric condition in which oxygen is scarce, favoring chemical reactions that reduce compounds.

Primitive Gases

Refers to the basic or primordial gaseous elements present in the earth's early atmosphere or in cosmic environments, often including hydrogen and helium.

Oxygen

A chemical element with symbol O, essential for respiration in most living organisms and required for combustion in fires.