Identify the correct assumption for each of the following activities using the drop-down list.

Identify the correct assumption for each of the following activities using the drop-down list. Activities Items Assumption Item #1 Presumes that the business will continue operating in the future. Item #2 A business is accounted for separately from other business entities and its owner. Item #3 Transactions and events are expressed in units of money. Item #4 The life of the company can be divided into specific time periods. Business entity assumption Going-concern assumption Monetary unit assumption Time period assumption Item #1 Presumes that the business will continue operating in the future. Item #2 A business is accounted for separately from other business entities and its owner. Item #3 Transactions and events are expressed in units of money. Item #4 The life of the company can be divided into specific time periods. Business entity assumption Going-concern assumption Monetary unit assumption Time period assumption Identify the correct assumption for each of the following activities using the drop-down list. Activities Items Assumption Item #1 Presumes that the business will continue operating in the future. Item #2 A business is accounted for separately from other business entities and its owner. Item #3 Transactions and events are expressed in units of money. Item #4 The life of the company can be divided into specific time periods. Business entity assumption Going-concern assumption Monetary unit assumption Time period assumption Items Activities Item #1 Item #2 Assumption Presumes that the business will continue operating in the future. A business is accounted for separately from other business entities and its owner. Transactions and events are expressed in units of money. The life of the company can be divided into specific time periods. Item #3 Item #4 Show All Items Business entity assumption Going-concern assumption Monetary unit assumption Time period assumption