The going concern assumption:
A. Means that we can express transactions and events in monetary, or money, units.
B. Prescribes that a company record the expenses it incurred to generate the revenue reported.
C. Means that accounting information reflects a presumption that the business will continue operating instead of being closed or sold.
D. Presumes that the life of a company can be divided into time periods, such as months and years, and that useful reports can be prepared for those periods.
E. Means that a business is accounted for separately from other business entities, including its owner.
Answer: C
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