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FUHRMS: Accounting Assumptions II
Test Description: FUHRMS: Identify the accounting assumption.
Instructions: Answer all questions to get your test result.
1) The owner's personal assets are kept separate from the business assets.
A
Accounting Period
B
Matching
C
Going Concern
D
Business entity
2) The profits for the business decrease in 2014.
A
Business entity
B
Going Concern
C
Matching
D
Accounting Period
3) The accounting records and reports are maintained separately and contain financial information related only to the business.
A
Going Concern
B
Business entity
C
Matching
D
Accounting Period
4) The owner opens a new business with the idea that it will be passed on to members of the family.
A
Matching
B
Accounting Period
C
Going Concern
D
Business entity
5) The period of time covered by an accounting report.
A
Going Concern
B
Accounting Period
C
Business entity
D
Matching
6) A business is expected to operate indefinitely.
A
Matching
B
Accounting Period
C
Business entity
D
Going Concern
7) A company's stockholders are waiting to receive their last dividend for the year.
A
Going Concern
B
Business entity
C
Matching
D
Accounting Period
8) A business exists independently of its owner’s personal holdings.
A
Business entity
B
Matching
C
Accounting Period
D
Going Concern
9) The business keeps going and going and going.
A
Business entity
B
Accounting Period
C
Matching
D
Going Concern
10) The business changes from a proprietorship to a limited corporation for longevity purposes.
A
Matching
B
Going Concern
C
Accounting Period
D
Business entity
*select an answer for all questions
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