Question
All the following items are classified as fundamental
accounting assumptions except?Solution
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.
How important is it for you to have a sense of control over your life and surroundings?
How do you typically approach problem-solving?
How do you typically react to unexpected situations?
How do you handle conflicts with someone you care about?
How do you usually feel in social situations?
How do you handle change in your life?
How often do you prioritize the needs of others over your own needs?
How important is it for you to have a sense of control?
What method for engaging do you prefer?
How do you prefer to receive recognition or appreciation for your work?