Ask Question
BusinessBusiness
17 January, 16:28

Fallon Osmond is chairperson of the board of Simple Treats, Inc. Suppose Osmond has just founded Simple Treats, and assume that she considers her home and other personal assets as part of Simple Treats. Answer these questions about the evaluation of Simple Treats, Inc 1. Which accounting assumption governs this situation? assumption gve Osmond and others a realistic view of Simple Treats, Inc? Explain in detail 2. How can the proper application of this 1. Which accounting assumption governs this situation? The entity assumption applies The entity assumption The going-concern assumption The stable-monetary-unit assumption

+5
Answers (1)
  1. 17 January, 16:54
    0
    The correct answer will be "The entity assumption ". The further explanation is given below.

    Explanation:

    The entity hypothesis or assumptions that are also considered separate legal entity hypothesis claims that a corporation is regarded as something of an autonomous organization. Therefore a separate entity that has it's own finance importance and position that would be independent of the legislature as well as any company data is separated from its owner's accounts.

    So that the above is the right answer.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Fallon Osmond is chairperson of the board of Simple Treats, Inc. Suppose Osmond has just founded Simple Treats, and assume that she ...” 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
The existence of noncompeting groups and other occupational differences in labor markets means that a. Homogeneous, competitive labor markets are possible in the short run. b. The market demand curves for all labor groups are highly price inelastic.
Answers (1)
Place the steps of the marketing research approach in the correct order. NOTE: The first step should be the top item in your list. Define the problem Develop findings Collect relevant information Develop the research plan Take marketing actions
Answers (2)
A proposed cost-saving device has an installed cost of $835,000. The device will be used in a five-year project but is classified as three-year MACRS property for tax purposes.
Answers (1)
Human capital refers to: A. physical capital owned by households rather than businesses. B. the accumulated financial wealth of households. C. the skills and knowledge that enable a worker to be productive. D. machinery used by labor in production.
Answers (1)
Linton Company purchased a delivery truck for $34,000 on January 1, 2020. The truck has an expected salvage value of $2,000, and is expected to be driven 100,000 miles over its estimated useful life of 8 years.
Answers (1)
New Questions in Business
Isabella is a security support manager for a large enterprise. in a recent meeting, she was asked which of the standard networking devices already present on the network could be configured to supplement the specific network security hardware
Answers (1)
If a country on a fixed exchange rate regime finds its currency falling:
Answers (1)
What are the three types of television programming
Answers (1)
The shrimp harvest was unusually good this year. the demand curve did not shift from last year, but because of the abundant harvest, the price fell from $100 per sack to $85 per sack. the price elasticity of demand for shrimp is - 1.40.
Answers (1)
The house that Jeanne inherited from her mother can rent for $1500/month, but Jeanne decides to allow her brother to stay there for only $500 per month.
Answers (1)
Home » Business » Fallon Osmond is chairperson of the board of Simple Treats, Inc. Suppose Osmond has just founded Simple Treats, and assume that she considers her home and other personal assets as part of Simple Treats.
Sign Up Forgot Password?