The monetary assumption: Multiple Choice Means that accounting information reflects a presumption that the business will continue operating instead of being closed or sold Means that we can express transactions and events in monetary, or money, units. Prescribes that a company record the expenses it incurred to generate the revenue reported Means that a business is accounted for separately from other business entities, including its owners Presumes that the life of a company can be divided into time periods, such as months and years, and that useful reports can be prepared for those periods