The assumption that assumes a company will continue in operation long enough to carry out its existing objectives is the:

a. economic entity assumption.
b. going concern assumption.
c. monetary unit assumption.
d. periodicity assumption

Ans: b. going concern assumption.

Business

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Which one of the following account groups normally has a credit balance?

A) assets and liabilities B) equity and assets C) liabilities and revenues D) assets and expenses

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Which of the following is the traditional method of service of process?

A) certified mail B) certified mail, return receipt requested C) publication D) a sheriff hands the summons and complaint to the defendant

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