94. Which of the following is not a basic assumption underlying the financial accounting structure?

a. Economic entity assumption.

b. Going concern assumption.

c. Periodicity assumption.

d. Historical cost assumption. (principle)

95. Which basic assumption is illustrated when a firm reports financial results on an annual basis?

a. Economic entity assumption.

b. Going concern assumption.

c. Periodicity assumption.

d. Monetary unit assumption.

96. Which basic assumption may not be followed when a firm in bankruptcy reports financial results?

a. Economic entity assumption.

b. Going concern assumption.

c. Periodicity assumption.

d. Monetary unit assumption.

97. Which accounting assumption or principle is being violated if a company provides financial reports only when it introduces a new product?

a. Periodicity.

b. Economic entity.

c. Revenue recognition.

d. Full disclosure.

^S98. Which of the following basic accounting assumptions is threatened by the existence of severe inflation in the economy?

a. Monetary unit assumption.

b. Periodicity assumption.

c. Going-concern assumption.

d. Economic entity assumption.

100. Under current IFRS, inflation is ignored in accounting due to the

a. economic entity assumption.

b. going concern assumption.

c. monetary unit assumption.

d. periodicity assumption.

101. The economic entity assumption

a. is inapplicable to unincorporated businesses.

b. recognizes the legal aspects of business organizations.

c. requires periodic income measurement.

d. is applicable to all forms of business organizations.