Which acompany willWhich concept assumescontinue to operate indefinitely?a) Revenue Recognitionb) Going Concernc) Conservatismd) Consistency

Explanation of Going Concern: The going concern assumption is a fundamental accounting principle…

Answered: a company will Which concept assumes…

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter5: Professional Auditing Standards And The Audit Opinion Formulation Process

Section: Chapter Questions

Problem 17CYBK

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Give an example and explanation for each of the following differences between when revenues are recognized and cash flows are received: recognition simultaneous with receipt; recognition prior to receipt; and recognition after receipt.
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The concept that states assets should be recorded at their original cost is known as the: i. Matching Principle ii. Consistency Principle iii. Cost Principle iv. Revenue Recognition Principle
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Th e assumption that an entity will continue to operate for the foreseeable future is called: B . comparability.
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FAR- Conceptual Framework Kindly help me answer the following : 1. Which of the following should be considered a current value measure? * a. Replacement cost and discounted cash flow b. Replacement cost and exit value c. Replacement cost, exit value and discounted cash flow d. Exit value and discounted cash flow 2. Obligations to transfer an economic resource include all, except * a. Obligation to provide services b. Obligation to pay cash c. Obligation to transfer an economic resource even if a specified future event does not occur d. Obligation to deliver goods 3. Which is not a purpose of the Conceptual Framework? * a. To assist accountants in selecting among alternative accounting and reporting methods. b. To provide definitions of key terms and concepts. c. To assist IASB in the standard-setting process. d. To provide specific guidelines for resolving situations not…
Which of the following is considered a constraint on useful information by Statement of Financial Accounting Concepts No. 8? a. benefits costs b. conservatism c. timeliness d. verifiability

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a company will Which concept assumes continue to operate indefinitely? a) Revenue Recognition b) Going Concern c) Conservatism d) Consistency