Assumptions In your working papers, indicate the assumption from the list below that best matches…


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Assumptions In your working papers, indicate the assumption from the list below that best matches… 1 answer below » Understanding Accounting Assumptions In your working papers, indicate the assumption from the list below that best matches each numbered statement. Accounting Period Business Entity Going Concern 1. Accounting reports may cover a month, a quarter, or a year. 2. Accountants expect a business to last indefinitely. 3. The personal property of a business owner is not included in the accounting records of the business. 4. The business has been in operation for several years and is expected to continue. 5. An owner’s personal activities or properties are not mixed with the business activities or View complete question » Understanding Accounting Assumptions In your working papers, indicate the assumption from the list below that best matches each numbered statement. Accounting Period Business Entity Going Concern 1. Accounting reports may cover a month, a quarter, or a year. 2. Accountants expect a business to last indefinitely. 3. The personal property of a business owner is not included in the accounting records of the business. 4. The business has been in operation for several years and is expected to continue. 5. An owner’s personal activities or properties are not mixed with the business activities or properties. 6. The accountant’s report shows how much profit the business earned for one month. View less » Jul 08 2014 12:40 PM

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