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)None of these.Since Marian is a sole proprietor,she is not required to separate her personal financial information from the financial information of Mosely Accounting Services

Question

Quizplus · Accepted Answer

The business entity assumption requires Marian to keep her personal financial information separate from the financial information of Mosely Accounting Services. As a sole proprietor, the business and the owner are considered as separate entities for accounting purposes.

Marian Mosely Is the Owner of Mosely Accounting Services