Ask Question
BusinessBusiness
4 February, 04:30

Assume you own more than one business. The financial records are prepared separately for each business. The records are also separate and distinct from your personal finances. This methodology relies on the going concern concept. (If false, identify error and correct.)

a. True.

b. False.

+5
Answers (1)
  1. 4 February, 06:50
    0
    The correct answer is letter "B": False.

    Explanation:

    The Accounting Entity principle states that the transactions of a business must be recorded separately from the personal transactions of the owners or other businesses. This principle relies on the fact that businesses are recognized as separate economic units.

    Thus:

    Assume you own more than one business. The financial records are prepared separately for each business. The records are also separate and distinct from your personal finances. This methodology relies on the Accounting Entity principle.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Assume you own more than one business. The financial records are prepared separately for each business. The records are also separate and ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
There are a few people in line waiting to be served. you are taking care of one customer and she insists you gave her the incorrect change. you know you didn't. what do you do?
Answers (1)
Slapshot Company makes ice hockey sticks. Last week, direct materials (wood, paint, Kevlar, and resin) costing $28,000 were put into production. Direct labor of $28,000 (10 workers x 100 hours x $28 per hour) was incurred.
Answers (1)
1. Explain the difference between a cease and desist order and a consent order. Which type of order is used most frequently at the FTC for consumer protection? Why do you suppose this type of order is most often used?
Answers (1)
When the government guarantees a troubled bank's liabilities:?
Answers (1)
What are two ways that a person's wealth may be taxed? Describe these taxes.
Answers (1)
New Questions in Business
You plan to borrow $ 2 comma 000 from a bank. In exchange for $ 2 comma 000 today, you promise to pay $ 2 comma 100 in one year. What does the cash flow timeline look like from your perspective? What does it look like from the bank's perspective?
Answers (1)
Which of the following is indicative of a short-term restrictive financial policy? a) purchasing inventory only as needed b) granting credit to more customers c) increased investment in marketable securities d) maintaining a large accounts
Answers (2)
You are employed as an administrative staff member of a community healthcare office that just opened last month. you and your manager are working hard to advertise and expand the customer base.
Answers (1)
The following costs result from the production and sale of 4,450 drum sets manufactured by Tight Drums Company for the year ended December 31, 2019. The drum sets sell for $295 each. The company has a 30% income tax rate.
Answers (1)
The person who receives financial protection from a life insurance plan is called a what?
Answers (1)
Home » Business » Assume you own more than one business. The financial records are prepared separately for each business. The records are also separate and distinct from your personal finances. This methodology relies on the going concern concept.
Sign Up Forgot Password?