UOP Acct 211 Quiz 1 2014
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UOP Acct 211 Quiz 1 2014 UOP Acct 211 Quiz 1 20 1
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1. The rule that requires financial statements to reflect the assumption that the business will continue operating instead of being closed or sold, unless evidence shows that it will not continue, is the: Going-concern assumption. Business entity assumption. Objectivity principle. Cost Principle. Monetary unit assumption. 2. A partnership: Is also called a sole proprietorship. Has unlimited liability for its partners. Has to have a written agreement in order to be legal. Is a legal organization ...
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UOP Acct 211 Quiz 1 2014•UOP Acct 211 Quiz 1 2014
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1. The rule that requires financial statements to reflect the assumption that the business will continue operating instead of being closed or sold, unless evidence shows that it will not continue, is the: Going-concern assumption. Business entity assumption. Objectivity principle. Cost Principle. Monetary unit assumption. 2. A partnership: Is also called a sole proprietorship. Has unlimited liability for its partners. Has to have a written agreement in order to be legal. Is a legal organization ...