Unt acct entrance exam - Study guides, Class notes & Summaries

UNT ACCT entrance exam questions & answers 2023/2024 Entity Assumption - ANSWER-An organization stands apart from other organizations and individuals as a separate economic unit Continuity (Going-Concern) Assumption - ANSWER-Entity will continue to operate for the foreseeable future Historical Cost Principle - ANSWER-Assets should be recorded at their actual cost on the date of purchase Stable-Monetary-Unit Assumption - ANSWER-Assume the dollar's purchasing power is stable over ti...

Entity Assumption Correct Answer An organization stands apart from other organizations and individuals as a separate economic unit Continuity (Going-Concern) Assumption Correct Answer Entity will continue to operate for the foreseeable future Historical Cost Principle Correct Answer Assets should be recorded at their actual cost on the date of purchase Stable-Monetary-Unit Assumption Correct Answer Assume the dollar's purchasing power is stable over time What requires that the books of the ...