Genesis Corporation is now in its 30th year of business. The founder of the company is planning

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Genesis Corporation is now in its 30th year of business. The founder of the company is planning to retire at the end of the year and turn the business over to his daughter. What accounting principle or assumption is relevant to this situation?

a. Economic entity

b. Monetary unit

c. Cost principle

d. Going concern

e. Time period

Related Book For answer-question

Using Financial Accounting Information The Alternative to Debits and Credits

ISBN: 978-1133161646

7th Edition

Authors: Gary A. Porter, Curtis L. Norton

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Posted Date: Jul 05, 2022 04:11 AM

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Genesis Corporation is now in its 30th year of business. The founder of the company is planning

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b Monetary unit The monetary unit is a simple and universally recognized basis of communica... View the full answer

Using Financial Accounting Information The Alternative to Debits and Credits

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