Marsha Bogswell is the sole stockholder of Bogswell Legal Services. Which accounting principle requires Marsha to keep her personal financial information separate from the financial information of Bogswell Legal Services?
A. Monetary unit assumption.
B. Expense recognition (Matching) principle.
C. Business entity assumption.
D. Measurement (Cost) principle.
E. Going-concern assumption.
Answer: C
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Sales for the year were $600,000 . Accounts receivable were $100,000 and $80,000 at the beginning and end of theyear, respectively. Cash received from customers to be reported on the statement of cash flows using the directmethod is
a. $700,000 b. $600,000 c. $580,000 d. $620,000
The difference between the UCC requirement of good faith and doctrine of unconscionability is that:
a. good faith prohibits shockingly one-sided terms in a contract. b. good faith focuses on the parties' behavior as they perform the contract. c. unconscionability looks at the parties' attempt to carry out the terms of the contract in a reasonable manner. d. unconscionability focuses on whether a party is honest in fact and exercises reasonable commercial standards of fair dealing.
_________ trademarks are not favored by the law and must be shown to have acquired customer recognition to be given legal protection
a. suggestive b. arbitrary and fanciful c. generic d. descriptive e. none of the other choices
Unlike advertising, public relations activities are
A. able to gain specific reach objectives. B. memorable due to repetition. C. easy to quantify. D. extremely precise. E. highly credible.