Marian Mosely is the owner of Mosely Accounting Services.Which accounting assumption requires Marian to keep her personal financial information separate from the financial information of Mosely Accounting Services?
A)Monetary unit assumption
B)Going-concern assumption
C)Cost assumption
D)Business entity assumption
E)Full disclosure assumption

Question

Quizplus · Accepted Answer

The business entity assumption requires that the financial records of the business be kept separate from the owner's personal financial records. This means that Marian must maintain separate records for Mosely Accounting Services and her personal finances.

Marian Mosely Is the Owner of Mosely Accounting Services