FUHRMS: Accounting Assumptions I Question Preview (ID: 20823)


FUHRMS: Identify The Accounting Assumption. TEACHERS: click here for quick copy question ID numbers.

Belief that a company will continue to operate for the forseeable future.
a) Business entity
b) Accounting Period
c) Going Concern
d) Matching

Indicates that personal and business record-keeping should be separately maintained.
a) Business entity
b) Accounting Period
c) Going Concern
d) Matching

The life of a business can be divided into artificial segments of time
a) Business entity
b) Accounting Period
c) Going Concern
d) Matching

Tracing accounting events to particular companies.
a) Business entity
b) Accounting Period
c) Going Concern
d) Matching

Personal transactions are not mixed with the company's transactions.
a) Business entity
b) Accounting Period
c) Going Concern
d) Matching

The practice of preparing financial statements at regular intervals.
a) Business entity
b) Accounting Period
c) Going Concern
d) Matching

Gloria Parker, MD, keeps her medical practice records separate from her personal financial records.
a) Business entity
b) Accounting Period
c) Going Concern
d) Matching

Business shows a 4% profit for the last three years.
a) Business entity
b) Accounting Period
c) Going Concern
d) Matching

Business uses a fiscal calendar for their business.
a) Business entity
b) Accounting Period
c) Going Concern
d) Matching

The accounting firm prepares an audit every year to make sure the records are accurate.
a) Business entity
b) Accounting Period
c) Going Concern
d) Matching

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