Question: The assumption that amounts are reported using a common scale (such as the dollar in the United States) is the: A) Monetary unit assumption. B)

The assumption that amounts are reported using a common scale (such as the dollar in the United States) is the:

A) Monetary unit assumption.

B) Periodicity assumption.

C) Economic entity assumption.

D) Going concern assumption.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Financial Accounting For Managers Questions!

Q:

PROBLEM 1 A factory producing aluminum is supplied with bauxite from three mines (01, 02 and 03) which produce 3, 7 and 5 thousand tones of mineral per week respectively. There are 4 modes of...

Q:

only final answers plz 8. DW has a beginning Retained Earings balance of 551,100. If during the year DW paid dividends of S4,300 and had net income of $22,500, then what was the ending Retained...

Q:

Table of Contents As filed with the Securities and Exchange Commission on June 24, 2016 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) REGISTRATION...

Q:

The assumption that amounts are reported using a common scale ( such as the dollar in the United States ) is the: Going concern assumption. Economic entity assumption. Periodicity assumption....

Q:

The assumption that amounts are reported using a common scale ( such as the dollar in the United States ) is the: Mutiple Choice Monetary unit assumption. Going concern assumption. Periodicity...

Q:

Answer for a-f Identify the accounting assumption or principle that is described below. Is the rationale for why plant assets are not reported at liquidation value. (Note: Do not use the historical...

Q:

The following are characteristics, assumptions, principles, or constraints that guide the FASB when it creates accounting standards. Relevance ........... Periodicity assumption Faithful...

Q:

Under current GAAP, inflation is ignored in accounting due to the: Select one: a. Economic entity assumption b. Going concern assumption c. Monetary unit assumption d. Periodicity assumption e....

Q:

1 Not complete Marked out of 10.00 Flag question Identifying Objectives of Financial Reporting The objective of financial reporting as outlined in the conceptual framework guides the financial...

Q:

Hi there I need the answers to these two sets of assignments. It's accounting 14 chapter 4 Accrual Accounting Concepts Exercises: Set B Identify point of revenue recognition. (LO 1), C E4-1B The...

Q:

Read Accounting Headline 7.9 and, adopting a Positive Accounting Theory perspective, consider the following issues: a)If a new accounting standard impacts on profits, should this impact on the value...

Q:

Rock Inc. has three divisions, Granite, Lime and Nina. All fixed costs are unavoldable Following is the income statement for the previous year: Granite $518,000 $ 271,500 $228,000 $1,017,500 191,000...

Q:

For liquid metals with Prandtl numbers much less the unity, the hydrodynamic boundary layer is much thinner than the thermal boundary layer. As a result, one may assume that the velocity in the...

Q:

The total variable cost flexible - budget variance includes all the following except: Variable selling and administrative expenses variances. Direct materiats variances. Direct labor variances....

Q:

What is wrong with the statement Economics is everything to do with money?