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help me out The accounting concept that requires every business to be accounted for separatefy from ofher burinegs entitien, including its owner or owners is
help me out
The accounting concept that requires every business to be accounted for separatefy from ofher burinegs entitien, including its owner or owners is kncwn as the: Business entity assumption. Going-concern assumption. Revenue recognition principle. Time-period assumption. Measurement (Cost) principle. QUESTION 14 At the beginning of the year, Cassius Company's liabilities equal $350,000. During the year, assets increase by $300,000, and at year-ond assets equal $950,000. Liabilities decroase $25,000 during the year. The ending amount of equity is: $600,000. \$650,000 5625,000. $900,000. 5575,000. QUESTION 15 A company's ledger (or general ledger) is: A collection of all accounts and their balances used by the company A collection of documents that describe transactions and events entering the accounting process. A record opntaining increases and decreases in a specific asset, liability, equity, revenue, or expense item. Ajoumal in which transactions are first recorded. A list of all identification numbers used by the company. An asset created by prepayment of an insurance premium is: Recorded as a credit to Prepaid Insurance. Not recorded in the accounting records until the insurance period expires. Recorded as a debit to Unearned Revenue: Recorded as a debit to Prepaid Insurance. Recorded as a credit to Uneamed Revenue. QUESTION 17 A credit: Always increases asset accounts. Is the right side of a T-account. Always increases an account. Is the left side of a T-account. Always decreases an account. QUESTION 18 Which of the following accounting principles prescribes that a company record its expenses incurred to generate the revenue reported? Measurement (Cost) principle. Expense recognition (Matching) principle. Consideration assumption. Going-concern assumption. Business entity assumption Step by Step Solution
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