Belief that a company will continue to operate for the forseeable future.

Indicates that personal and business record-keeping should be separately maintained.

The life of a business can be divided into artificial segments of time

Tracing accounting events to particular companies.

Personal transactions are not mixed with the company's transactions.

The practice of preparing financial statements at regular intervals.

Gloria Parker, MD, keeps her medical practice records separate from her personal financial records.

Business shows a 4% profit for the last three years.

Business uses a fiscal calendar for their business.

The accounting firm prepares an audit every year to make sure the records are accurate.

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