7 Periodicity or time period assumption imply that: A. a business is separate and distinct from its owner and from every other business. B. the purchasing power of the unit of measurement used in accounting, the RM, does not change C. the economic activities of an enterprise can be divided into artificial time period. D. A business will continue to operate in the foreseeable future. 8. The value of asset recorded in the statement of financial position is at A cost B. cost plus accumulated depreciation C. carrying amount D. market value 9. Which of the following correctly states the liabilities of the business entities? Limited Company Partnership Sole proprietorship A. Limited liability Unlimited liability Unlimited liability B. Limited liability Limited liability Unlimited liability C. Unlimited liability Limited liability Limited liability D. Unlimited liability Unlimited liability Limited liability