The going concern assumption:
a. Means that a business is accounted for separately from other business entities, including its owner.
b. Means that we can express transactions and events in monetary, or money, units.
c. Means that accounting information reflects a presumption that the business will continue operating instead of being closed or sold.
d. Presumes that the life of a company can be divided into time periods, such as months and years, and that useful reports can be prepared for those periods.
e. Prescribes that a company records the expenses it incurred to generate the revenue reported.