Which of the following statements about the entity concept is not correct? a. The entity concept requires
Question:
Which of the following statements about the entity concept is not correct?
a. The entity concept requires the preparers of accounts to treat the organisation as a separate entity from that of the owners.
b. The entity concept was known during the early Islamic State.
c. Accountants should record owner personal expenses to comply with the entity concept.
d. An economic entity can be any organisation or unit in an economy.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 80% (5 reviews)
The statement that is not correct about the entity concept is c Accounta...View the full answer
Answered By
Aysha Ali
my name is ayesha ali. i have done my matriculation in science topics with a+ . then i got admission in the field of computer science and technology in punjab college, lahore. i have passed my final examination of college with a+ also. after that, i got admission in the biggest university of pakistan which is university of the punjab. i am studying business and information technology in my university. i always stand first in my class. i am very brilliant client. my experts always appreciate my work. my projects are very popular in my university because i always complete my work with extreme devotion. i have a great knowledge about all major science topics. science topics always remain my favorite topics. i am also a home expert. i teach many clients at my home ranging from pre-school level to university level. my clients always show excellent result. i am expert in writing essays, reports, speeches, researches and all type of projects. i also have a vast knowledge about business, marketing, cost accounting and finance. i am also expert in making presentations on powerpoint and microsoft word. if you need any sort of help in any topic, please dont hesitate to consult with me. i will provide you the best work at a very reasonable price. i am quality oriented and i have 5 year experience in the following field.
matriculation in science topics; inter in computer science; bachelors in business and information technology
_embed src=http://www.clocklink.com/clocks/0018-orange.swf?timezone=usa_albany& width=200 height=200 wmode=transparent type=application/x-shockwave-flash_
4.40+
11+ Reviews
14+ Question Solved
Related Book For
Principles Of Islamic Accounting
ISBN: 9781119023296
1st Edition
Authors: Nabil Baydoun, Maliah Sulaiman, Roger J. Willett, Shahul Ibrahim
Question Posted:
Students also viewed these Business questions
-
1. Hannah is applying for a life policy on her girlfriend Sarahs life. The policy is $500,000 and carries a large premium. Hannah is the main earner, so she is concerned about not being able to pay...
-
MCQ questions: 1. An increase in oil prices, such as the oil shocks in the 70s, lead to _______ thereby causing ________ a movement along the AS curve; cost-push inflation a leftward shift in the AS...
-
As part of its UTP assessment, Penobscot Company records interest and penalties related to its tax contingency amount of $500,000. Which of the following statements about recording this amount is...
-
Ava bought a house on 1 July 2000 for 62,000. She occupied the entire property as her PPR until 1 August 2007 when she began using one-quarter of the house for business purposes. This continued until...
-
What are the six major factors which distinguish multinational financial management from financial management as practiced by a purely domestic firm? MINI CASE Citrus Products Inc. is a medium-sized...
-
You are analyzing three different Treasury bonds. All three securities have a 5-year maturity and a face value of $1000. The next coupon payment occurs exactly one year from today. What are the...
-
The following independent situations represent various types of liabilities: 1. Marshall Company has a manufacturing plant located in a small, rural community. The only other major employer in the...
-
George Jimenez is the controller at Balkin Electronics, a manufacturer of devices for the computer industry. The company may promote him to chief financial officer. Required 1. In this table,...
-
(1) Develop and explain a recommended corporate strategy for Netflix. What competitive strengths does this strategy exploit? How is the strategy different from the current strategy? What are the...
-
Which of the following statements about market values is not correct? a. Central to Islamic accounting is the use of current values for the correct computation of zakat. b. Current values, when...
-
Briefly discuss the main Islamic principles affecting accounting and financial reporting.
-
Indicate the oxidizing and reducing agents in the following redox reactions. (a) Ca(s) + 2 H 2 O(l) Ca(OH) 2 (aq) + H 2 (g) (b) Mg(s) + 2 HCl(aq) MgCl 2 (aq) + H 2 (g).
-
0000 80 9 00 0010 00 34 91 7d 40 00 80 06 0020 9b 24 c8 51 01 bb 18 c2 77 43 c1 5f 08 00 45 00 00 00 ce a8 00 0e 63 53 f8 11 00 00 00 00 80 02 0030 fa fe bf 54 00 00 02 04 05 b4 01 03 03 08 01 01 04...
-
2. Two 2.0 g. 10 nC positive charges are 1.0 cm apart and held in place by a ghost. After the ghost releases the charges, how fast are they moving when they are 10 cm away? (show all your work) (10...
-
What are the characteristics of Toy World's need for external financing?What are the timing, magnitude and duration of its borrowing needs?How certain are the forecasts?
-
The figure shows the finishing position of a body builder's arm who is performing a standing lateral raise with a 5.00-kg dumbbell. This is an excellent exercise that isolates the lateral deltoid...
-
Global Pistons ( GP ) has common stock with a market value of $ 2 7 0 million and debt with a value of $ 1 7 0 million. Investors expect a 1 6 % return on the stock and a 7 % return on the debt....
-
Refer to RE6-1. Grider Company also has Division C. For the current year, Division C had revenues of $25,000, profit (pretax) of $8,200, and year-end assets of $46,000. Determine whether Division C...
-
You are interested in investing and are considering a portfolio comprised of the following two stocks. Their estimated returns under varying market conditions are provided: (note: it is difficult to...
-
Is there any difference between a brand name and a trademark? If so, why is this difference important?
-
Is a well-known brand valuable only to the owner of the brand?
-
Suggest an example of a product and a competitive situation where it would not be profitable for a firm to spend large sums of money to establish a brand.
-
Explain the six (6) negative externalities/external costs that are associated with the transportation industry, use appropriate examples Your arguments should be discussed across modes
-
Supply chain management can be used for gaining competitive advantage to deliver superior customer service. Discuss
-
For each statement about Comparative Income Statements, select Yes if it is used for this purpose, or No if it is not. 0000 A Comparative Income Statement helps investors identify trends. A...
Study smarter with the SolutionInn App