Question: 7. Identify which basic assumption of accounting is best described in each item below: a. The economic activities of a corporation are divided into 12-month

7. Identify which basic assumption of accounting is best described in each item below:

a. The economic activities of a corporation are divided into 12-month periods for the purpose of issuing annual reports.

Assumption: _________________________________________________

b. A company does not adjust amounts in its financial statements for the effects of inflation.

Assumption: _________________________________________________

c. A company reports current and noncurrent classifications in its balance sheet.

Assumption: _________________________________________________

d. The economic activities of a company and its subsidiaries are merged for accounting and reporting purposes.

Assumption: _________________________________________________

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