The Major Underlying Assumptions of Accounting Include All of the Following

question 94

Multiple Choice

The major underlying assumptions of accounting include all of the following except:

• A)Economic entity.
• B)Monetary unit.
• C)Legal liability.

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Definitions:

Lophotrochozoa

A clade within the animal kingdom that includes organisms with a distinctive developmental stage or feeding structure, such as mollusks, annelids, and brachiopods.

Deuterostomes

A major group of animals characterized by their embryonic development, in which the anus forms before the mouth during early embryogenesis.

Embryos

Early developmental stages of multicellular organisms following fertilization, during which cells divide and specialize to form the structure and organs of the organism.

Germ Layers

The three primary layers of cells (ectoderm, mesoderm, and endoderm) in the early embryo that develop into all organs and tissues of the body.