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Mr. Ryan is the owner and chief executive officer of Briarfield Corporation. Mr. Ryan personally owns...

Mr. Ryan is the owner and chief executive officer of Briarfield Corporation. Mr. Ryan personally owns a house, automobiles and investments in various companies. However, his personal assets will not be included among the land, building and investments reported on the financial statements of Briarfield Corporation. This is an application of:

Select one:

a. Monetary unit assumption

b. Neutrality assumption

c. The concept of economic entity

d. Going concern assumption

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Answer #1

The economic entity assumption is an accounting principle that separates the transactions carried out by a business entity and its owner.

As per above definition , option c is correct.

Option a is regarding every transaction should be measured in monetary value like dollar.

Option b  means that financial statements must be free from errors or from other missions.

Option d is regarding that the organization is not going to close in neaar future.

Therefore option a, b and d are incorrect

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