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Which business or economic entity concept is applicable to

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Reference no: EM132712893

Problem 1: The business or economic entity concept is applicable to

a) Sole proprietorship form of business

b) Partnership form of business

c) Corporate form of business

d) all of the above

Problem 2: Which of the following states that the dollar is not the only currency for trading

a) Going concern concept

b) Monetary unit assumption

c) Stable dollar value assumption

d) Matching principle

Problem 3: Which one of the following states that the life of a business can be divided into equal time periods?

a) Time period assumption

b) Revenue recognition principle

c) Economic entity concept

d) Accrual concept

Problem 4: Sony, a multinational electronics corporation, rounds dollar amounts in its financial statements to the nearest $1,000. Which accounting principle/concept justifies this action?

a) Realization concept

b) Economic entity concept

c) Materiality concept

d) historical concept

Problem 5: The auditor noticed that the financial statements of Meta Company were missing some footnotes important for users for decision making. This action of the management is a violation of

a) Materiality concept

b) Going concern concept

c) Economic entity concept

d) Full disclosure concept

Reference no: EM132712893

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