FUHRMS: Accounting Assumptions II: Question Preview (ID: 20824)


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The owner's personal assets are kept separate from the business assets.
a) Business entity b) Accounting Period c) Going Concern d) Matching
The profits for the business decrease in 2014.
a) Business entity b) Accounting Period c) Going Concern d) Matching
The accounting records and reports are maintained separately and contain financial information related only to the business.
a) Business entity b) Accounting Period c) Going Concern d) Matching
The owner opens a new business with the idea that it will be passed on to members of the family.
a) Business entity b) Accounting Period c) Going Concern d) Matching
The period of time covered by an accounting report.
a) Business entity b) Accounting Period c) Going Concern d) Matching
A business is expected to operate indefinitely.
a) Business entity b) Accounting Period c) Going Concern d) Matching
A company's stockholders are waiting to receive their last dividend for the year.
a) Business entity b) Accounting Period c) Going Concern d) Matching
A business exists independently of its owner’s personal holdings.
a) Business entity b) Accounting Period c) Going Concern d) Matching
The business keeps going and going and going.
a) Business entity b) Accounting Period c) Going Concern d) Matching
The business changes from a proprietorship to a limited corporation for longevity purposes.
a) Business entity b) Accounting Period c) Going Concern d) Matching
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