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The economic entity assumption requires that the activities of an entity be kept separate and distinct from the activities of its owner and all other economic entities. The monetary unit assumption states that transactions that can be measured in terms of money should be recorded in the accounting records. In order to possess future service potential, an asset must have physical substance. Owners’ claims to total business assets take precedence over the claims of creditors because owners invest assets in the business and are liable for losses. The basic accounting equation states that Assets = Liabilities. Accountantsrecord both internal and external transactions. Answers to True-False Statements 1 – 7 MULTIPLECHOICE QUESTIONS 41. ...

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