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Which basic element of financial statements arises

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Reference no: EM132996331

Problem 1: Which basic assumption may not be followed when a firm in bankruptcy reports financial results?

A) Economic entity assumption.

B) Going concern assumption.

c) Periodicity assumption.

D) Monetary unit assumption.

Problem 2: Which accounting assumption or principle is being violated if a company provides financial reports in connection with a new product introduction?

A) Economic entity.

B) Periodicity.

C) Revenue recognition.

D) Full disclosure.

Problem 3: Which basic element of financial statements arises from peripheral or incidental transactions?

A) Assets.

B) Liabilities.

C) Gains.

D) Expenses.

Reference no: EM132996331

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