Which One of the Following Is an Assumption Made in the Preparation

Multiple Choice

Which one of the following is an assumption made in the preparation of financial statements?

A) Financial statements are prepared for a specific entity that is distinct from the entity owners.
B) Financial statements are prepared assuming that inflation has a distinct effect on the monetary unit
C) Preparation of financial statements for a specific time period assumes that the balance sheet covers a period of time.
D) Market values are always assumed to be irrelevant when preparing financial statements.