Which of the following concepts relates to separating the reporting of business and personal economic transactions?
A) Cost Concept
B) Unit of Measure Concept
C) Business Entity Concept
D) Objectivity Concept
C
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What decision making technique, which helps to assess the reasons for and against making certain changes, was discussed in the textbook?
What will be an ideal response?
High Seas Sail Makers manufactures sails for sailboats
The company has the capacity to produce 36,000 sails per year and is currently producing and selling 25,000 sails per year. The following information relates to current production: Sales price per unit $175 Variable costs per unit: Manufacturing $50 Selling and administrative $10 Total fixed costs: Manufacturing $700,000 Selling and administrative $250,000 If a special pricing order is accepted for 5,700 sails at a sales price of $170 per unit, fixed costs remain unchanged, and there are no variable selling and administrative costs for this order, what is the change in operating income? A) Operating income decreases by $627,000. B) Operating income decreases by $684,000. C) Operating income increases by $627,000. D) Operating income increases by $684,000.
The maximal-flow technique might be used
A) to help design the moving sidewalks transporting passengers from one terminal to another in a busy airport. B) by someone designing the traffic approaches to an airport. C) by someone attempting to design roads that would limit the flow of traffic through an area. D) All of the above E) None of the above
To calculate a human life value, it is necessary to deduct certain costs from a person's average annual earnings. These costs include
A) funeral costs. B) income taxes. C) investment income. D) pension benefits after retirement.