Question: What does the economic entity assumption say about recording activities of any different entities be combined as if all the entities are corporations.

What does the economic entity assumption say about recording activities
of any different entities be combined as if all the entities are corporations.

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 Accounting Questions!

Q:

Alice Johnson, Social Security number 222-23-3334, is a single taxpayer and is employed as a secretary by State University of Florida. She has the following items pertaining to her income tax return...

Q:

Please can you help me Accounting principales 1 Multiple choice questions Chapter 1,2,3 The common characteristic possessed by all assets is 1. long life. a. great monetary value. b. tangible nature....

Q:

8. The income statement and balance sheet columns of Reed Company's worksheet reflect the following totals: Dr $100,000 Totals $48,000 58,000 $90,000 The net income (or loss) for the period is a....

Q:

The economic entity assumption states that economic events A of different entities can be combined if all the entities are corporations. B must be reported to the Securities and Exchange Commission....

Q:

multiple choice question the economic entity assumption states that economic events a . of different entities can be combined if all the entities are corporations b . of every entity can be...

Q:

The use of computers in recording business events has made the recording process more efficient does not use the same principles as manual accounting systems. has greatly impacted the identification...

Q:

Explain briefly 1. Who are the stakeholders affected by the potential sale of the house? 2. What potential conflicts of interest do you see in this situation? 3. What is the relationship between the...

Q:

bbhosted.cuny.edu Question Completion Status: QUESTION 23 On May 15, Blaskowski's Foodservice Corporation purchased of kitchen equipment for $30,000 paying $10,000 in cash the the remainder on...

Q:

Question one. Sunny Ltd Statement of Changes in Equity for the year ended 30 June 2017 Contributed equity General reserve Revaluation reserve Retained earnings Total $ $ $ $ $ Balance at 1 July 2016...

Q:

Radstone, Inc., a prominent stone fabrication firm was formed 5 years ago to exploit a new continuous fabrication process. Radstone's founders, Jim Rad and Mick Rad, had been employed in the research...

Q:

PROY B MARTIN ACC 114 CHAPTER 1 AND 2 Din chen 1. Generally accepted accounting principles are a.standards that indicate how to report economie events. b. prineiples that have been proven correct by...

Q:

How can firms best ensure that their code of business ethics ensure is read, understood, believed, remembered, and acted on, rather than ignored?

Q:

Classify each of the following as a property of acids or bases. Taste Sour, Feels Slippery, taste bitter, turn litmus paper red, turn litmus paper blue, dissolve many metals

Q:

Typically the lowest commissions are charged on investments in a . options and futures contracts. b . stocks. c . real estate. d . bonds.

Q:

On January 1, 2013, Point Corporation acquired an 80% interest in Sharp Company for $2,021,000. At that time Sharp Company had common stock of $1,478,000 and retained earnings of $691,000. The book...