The business entity assumption:
A) Means that accounting information reflects a presumption that the business will continue
operating instead of being closed or sold.
B) Means that we can express transactions and events in monetary, or money, units.
C) 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.
D) Means that a business is accounted for separately from other business entities, including its
owners.
E) Prescribes that a company record the expenses it incurred to generate the revenue reported.
D) Means that a business is accounted for separately from other business entities, including its
owners.
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All financial statements are prepared using the accrual basis of accounting
a. True b. False Indicate whether the statement is true or false
Mark complied with all formation requirements for incorporating his taxicab business. He is the sole shareholder in the corporation. The corporation owns two automobiles that Mark frequently uses for his own personal use. In addition, he sometimes
deposits the money he takes in during the day into his personal checking account. One day, an employee of the company, while driving one of the company vehicles, accidentally hits a pedestrian in a crosswalk. The pedestrian sues both Mark and the taxi company for $100,000 . The corporate assets are only $32,000 . Is the corporation liable for the acts of its employee? Will Mark be personally liable under the facts? Explain.
Product managers can be instrumental in adapting products for international markets.
Answer the following statement true (T) or false (F)
The country of Trevanvia goes through a period of recession, which leaves a large number of people unemployed due to extensive layoffs by companies. The companies use the strategy of job termination to cut down their costs and reduce their output as the people are now more cautious with their spending. In the given scenario, the layoffs exemplify _____.
A. seasonal unemployment B. structural unemployment C. frictional unemployment D. cyclical unemployment