Business, 31.08.2021 02:10 allofthosefruit

1. Which accounting assumption governs this situation? ▼ The entity assumption The going-concern assumption The stable-monetary-unit assumption applies. 2. How can the proper application of this accounting assumption give Osmond and others a realistic view of Simple Treats, Inc.? Explain in detail. Application of ▼ the entity assumption the going-concern assumption the stable-monetary-unit assumption will ▼ assume that Osmond will remain in operation long enough to use existing assets assume that the dollars purchasing power is relatively stable under the concept separate Osmond's personal assets from the assets of Simple Treats . This will help Osmond, investors, and lenders ▼ know how long his cash can keep his business going know how much assets, liabilities and equity the business has know how much purchasing power his cash can generate , and this knowledge will help all parties evaluate the business realistically.

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