Marla had $50.02 in her checking account. Marla purchased $5…

Marla had $50.02 in her checking account. Marla purchased $52.04 in groceries at HEB and her transaction was approved at the register. She then received an automated text from her financial institution that the balance in her account was -$37.02 due to a $35 service fee and a negative balance in her checking account. This is referred as a(n)

Larry owns a successful business called Super Car-Hire. He p…

Larry owns a successful business called Super Car-Hire. He plans to sell it to Bob. Bob assumes that he can keep up the high revenues if he can plan and execute the mission of the business well. Which of the following basic accounting concepts is reflected in Bob’s assumption?