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What inflation is ignored in accounting due to the

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Reference no: EM132995868

Problem 1: Which basic element of financial statements arises from peripheral or incidental transactions?

A) Assets.

B) Liabilities.

C) Gains.

D) Expenses.

Problem 2: Under current GAAP, inflation is ignored in accounting due to the

A) economic entity assumption.

B) going concern assumption.

C) monetary unit assumption.

D) periodicity assumption.

Problem 3: Which of the following is not a basic assumption underlying the financial accounting structure?

A) Economic entity assumption.

B) Going concern assumption.

C) Periodicity assumption.

D) Historical cost assumption.

Reference no: EM132995868

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