a ↑↓ 15 of 19 12. U.S. Steel -+ Automatic Zoom PROBLEM 2-5 Understanding Accounting Assumptions INSTRUCTIONS In your working papers, indicate the assumption from the list below that best numbered

statement. Accounting Period Business Entity Going Concern 1. Accounting reports may cover a month, a quarter, or a year. 2. Accountants expect a business to last indefinitely 3. The personal property of a business owner is not included in the accounting records of the business. 4. The business has been in operation for several years and is expected to continue. 5. An owner's personal activities or properties are not mixed with the business activities or properties 6. The accountant's report shows how much profit the business carned for one month