Statement I If the going concern concept is no longer valid, then all prepaid assets would be completely written-off immediately.
Statement II Also land held as an investment would be valued at its realisable value.
A. Both statements are correct
B. Both statements are incorrect
C. Statement I is correct, but Statement II is incorrect
D. Statement I is incorrect, but Statement II is correct
Answer: Option D
This Question Belongs to Commerce >> Accounting
Accounting provides information on
A. Cost and income for managers
B. Company's tax liability for a particular year
C. Financial conditions of an institutions
D. All of the above
The long term assets that have no physical existence but are rights that have value is known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
Patents, Copyrights and Trademarks are
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
Join The Discussion