When we view the business entity in the context of accounting, as well as in its legal form, it is clear that:
a. the entity is separate from its owners.
b. the entity is identical to its owners.
c. the pooling method should be used for business combinations.
d. entities should be considered as one unit as a result of one controlling the other(s).
ANSWER: A
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A. 2. B. 4. C. 16. D. 8.
____________________ expenses are all the costs associated with doing business, except the cost of goods or services, and ____________________ expenses are the costs incurred in marketing and distributing the firm’s goods or services.
Fill in the blank(s) with the appropriate word(s).
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