Identify which basic assumption of accounting is best described in each item below
QUESTION:
Identify which basic assumption of accounting is best described in each item below.
(a) The economic activities of KC Corporation are divided into 12-month periods for the purpose of issuing annual reports.
(b) Solectron Corporation, Inc. does not adjust amounts in its financial statements for the effects of inflation.
(c) Walgreen Co. reports current and noncurrent classifications in its balance sheet.
(d) The economic activities of General Electric and its subsidiaries are merged for accounting and reporting purposes.
ANSWER:
(a) Periodicity
(b) Monetary unit
(c) Going concern
(d) Economic entity
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