Show Enter the letter corresponding to the response that best completes each of the following statements or questions.
Which of the following statements is are true concerning the going concern assumption?Answer and Explanation: The correct answer is B. The going concern concept assumes that the business will continue for the foreseeable future.
Which of the following statements is an implication of the going concern assumption?Correct classifications of liabilities are also an implication of the going concern assumption. If a company does not correctly classify its current and concurrent assets it could appear to be more liquid than it really is. This would impact the viability of the business to operate.
Which of the following is the definition of the going concern assumption?The going concern assumption is that a business will remain active for the foreseeable future.
What is the going concern principle Mcq?The going concern principle is the assumption that an entity will remain in business for the foreseable future.
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