In each of the following situations,choose the accounting concept that pertains: business entity concept,going concern concept,monetary unit concept,or periodicity concept.
(a.) A Japanese company reports its earnings in yen.
(b.) The owner of a sole proprietorship pays for the real estate taxes on her personal residence from her personal savings rather than from the business's checking account.
(c.) A corporation whose stock is traded on the American Stock Exchange prepares a report of its financial condition for the SEC on a quarterly basis.
(d.) Mike and Mattie are partners in a shoe repair business. The business is profitable with plans to show increased profitability into the foreseeable future.

Question

In each of the following situations,choose the accounting concept that pertains: business entity concept,going concern concept,monetary unit concept,or periodicity concept.
(a.)  A Japanese company reports its earnings in yen.
(b.)  The owner of a sole proprietorship pays for the real estate taxes on her personal residence from her personal savings rather than from the business's checking account.
(c.)  A corporation whose stock is traded on the American Stock Exchange prepares a report of its financial condition for the SEC on a quarterly basis.
(d.)  Mike and Mattie are partners in a shoe repair business. The business is profitable with plans to show increased profitability into the foreseeable future.

Quizplus · Accepted Answer

The Answer of In each of the following situations,choose the accounting concept that pertains: business entity concept,going concern concept,monetary unit concept,or periodicity concept.
(a.)  A Japanese company reports its earnings in yen.
(b.)  The owner of a sole proprietorship pays for the real estate taxes on her personal residence from her personal savings rather than from the business's checking account.
(c.)  A corporation whose stock is traded on the American Stock Exchange prepares a report of its financial condition for the SEC on a quarterly basis.
(d.)  Mike and Mattie are partners in a shoe repair business. The business is profitable with plans to show increased profitability into the foreseeable future.

In Each of the Following Situations,choose the Accounting Concept That