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What the monetary unit assumption

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Reference no: EM132618416

Problem 1. The monetary unit assumption?

a. is not important when applying the cost principle

b. requires that different units be used for assets and liabilities

c. requires that economics data be reported in yen in Japan or dollars in United States

d. is only used in the financial statements of manufacturing companies

Problem 2. Profit is the difference between?

a. the assets purchased with cash contributed by the owner and the cash spent to operate the business

b. assets and liabilities

c. the amounts received from customers for goods or services and the amounts paid for the inputs used to provide the goods or services

d. the incoming cash and outgoing cash

Problem 3. The assets and liabilities of a company are $85,090 and $47,773, respectively. Stockholders' equity should equal?

a. $132,863

b. $85,090

c. $47,773

d. $37,317

Reference no: EM132618416

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