FUHRMS: Accounting Assumptions II

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The owner's personal assets are kept separate from the business assets.

A company's stockholders are waiting to receive their last dividend for the year.

A business is expected to operate indefinitely.

A business exists independently of its owner’s personal holdings.

The period of time covered by an accounting report.

The business keeps going and going and going.

The accounting records and reports are maintained separately and contain financial information related only to the business.

The business changes from a proprietorship to a limited corporation for longevity purposes.