The accounting concept which assumes that the firm will continue to survive in the foreseeable future is: The Eternal Life Concept The periodicity (time period) assumption O The monetary unit principle O The going concern principle O The cost principle Question 11 4 pts When corporations are required to recognizing revenues when earned and expenses when incurred, this is referred to as: O Cash based accounting O Accrual based accounting O Deferral based accounting O Conservative accounting O Tradition based accounting