Assumptions in Financial Reporting. Indicate the assumption (going concern, business/economic entity, monetary unit, or periodicity) that best fits the following scenarios. ScenarioRelated Assumptiona. Monro Manufacturing requires that its division managers report to corporate headquarters on a monthly basis. b. Rainbow Paints, Inc. owns 15% of New Eljam Company. Rainbow does not consolidate this affiliate company because it cannot control its operations. c. Financial analysts at Nelson Corporation use an infinite-growth assumption in building a model to value the company. d. Factory buildings are reported on Jack Jones Warehousing, Inc.'s balance sheet as the sum of the total cost of two plants; one of the plants was acquired in 1951 and the other was purchased in 2011
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