Start learning 50% faster. Sign in now
The business entity concept in accounting is the principle that a business is considered to be separate and distinct from its owners or other businesses. This means that the business is treated as a legal entity in its own right, and its financial transactions and activities are recorded and reported separately from the personal transactions of its owners. The three fundamental accounting assumptions are: Consistency - This assumption requires that a business uses the same accounting methods and principles from one period to another. Going concern - This assumption assumes that the business will continue to operate for the foreseeable future. Accrual - This assumption requires that transactions and events are recognized in the financial statements when they occur, regardless of when the cash is received or paid.
Identify the gas that is not considered a permanent part of the Earth's atmosphere.
Identify the most abundant metal in the earth's crust.
What is the role of Ultraviolet Radiation (UV) in the water purification systems?
1. It inactivates/kills the harmful microor...
The number of ______ is equal to the difference between the mass number of the atom and the atomic number.
Who discovered the Rh factor in blood in the year 1940?
How does a bulb glow when the switch is turned on?
What element is primarily used in a Proton Fusion Engine?
What is the nature of the image formed on the retina of the human eye?
Who is credited with the discovery of the neutron particle in an atom?
What causes the permanent hardness of water?