Unformatted text preview: in time in accordance with the concept of Objectivity Periodicity a. No No b. Yes No c. No Yes d. Yes Yes 56. Under current GAAP, inflation is ignored in accounting due to the a. economic entity assumption. b. going concern assumption. c. monetary unit assumption. d. periodicity assumption. 57. The economic entity assumption a. is inapplicable to unincorporated businesses. b. recognizes the legal aspects of business organizations. c. requires periodic income measurement. d. is applicable to all forms of business organizations. 58. Preparation of consolidated financial statements when a parent-subsidiary relationship exists is an example of the a. economic entity assumption. b. relevance characteristic. c. comparability characteristic. d. neutrality characteristic....
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- Spring '11
- Ontology, Generally Accepted Accounting Principles, Economic Entity Assumption, fasb conceptual framework