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Problem 1: Melissa Greenspan is the proprietor (owner) of Green's, a retailer of work apparel. When recording the financial transactions of Green's, Melissa does not record an entry for a car she purchased for personal use. Melissa took out a personal loan to pay for the car. What accounting assumption guides Melissa's behaviour in this situation?
Option 1: reporting entity conceptOption 2: monetary unit conceptOption 3: going concern assumptionOption 4: periodicity concept
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