Q1) Which accounting assumption assumes that all accounting information is reported monthly or yearly?
A. Business entity assumption
B. Monetary unit assumption
C. Value assumption
D. Cost assumption
Q2) Which of the following accounting principles dictates when expenses are recognized?
A. Revenue recognition principle
B. Monetary unit principle
C. Business entity principle
D. Matching principle
Q3) An Asset is:
A. only acquired with cash
B. something the company owns
C. only contributed by stockholders
D. a company’s obligation to pay
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