Assumptions are made when reporting financial information.

For each statement provided select the assumption that applies $($Assumptions may be used more than once$)$

Question $1$ options:

$1234$

Monetary unit assumption

$1234$

Economic entity assumption

$1234$

Periodicity assumption

$1234$

Going concern assumption

$1.$

Amounts reported in Financial Statements are NOT adjusted for inflation.

$2.$

Assets and liabilities are divided into current and non$-$current categories

$3.$

A parent company may merge their financial results with their subsidiaries, for financial reporting purposes.

$4.$

A business reports on their financial results on a quarterly and annual basis.