ExamVeda
Login
Home

The going concern concept assumes that

This question belongs to Commerce Accounting
Accounting
?

The going concern concept assumes that

Answer & Solution
Correct Answer: Option A
The going concern concept assumes that the entity continue running for forseeable future. The going concern principle is the assumption that an entity will remain in business for the foreseeable future.
Examveda
Question posted by Examveda
Community

Join the Discussion

1 Comment
Jatin
Jatin 4 years ago
*unforeseeable future
Keep Learning

Related Questions on 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
More Related Questions on Accounting