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When accounting was developed in the 14th and 15thcenturies, some businesses had very short lives. Forinstance, a business might have been created for a shipto sail from Europe to North America and return withfurs and other goods. After the goods were delivered andprofits were distributed among those who financed theshipment, the business ceased to exist. In more recentcenturies, businesses began to experience longer lives.Identify the accounting concept that is needed whenaccounting for businesses with long lives. Explain whatthis concept means and why it is necessary for modernday accounting

When accounting was developed in the 14th and 15thcenturies, some businesses had very short lives. Forinstance, a business might have been created for a shipto sail from Europe to North America and return withfurs and other goods. After the goods were delivered andprofits were distributed among those who financed theshipment, the business ceased to exist. In more recentcenturies, businesses began to experience longer lives.Identify the accounting concept that is needed whenaccounting for businesses with long lives. Explain whatthis concept means and why it is necessary for modernday accounting

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter1: The Role Of Accounting In Business
Section: Chapter Questions
Problem 1.26E: Accounting concepts Match each of the following statements with the appropriate accounting concept....
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When accounting was developed in the 14th and 15th
centuries, some businesses had very short lives. For
instance, a business might have been created for a ship
to sail from Europe to North America and return with
furs and other goods. After the goods were delivered and
profits were distributed among those who financed the
shipment, the business ceased to exist. In more recent
centuries, businesses began to experience longer lives.
Identify the accounting concept that is needed when
accounting for businesses with long lives. Explain what
this concept means and why it is necessary for modernday accounting

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