Going Concern
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
- Which of the following statements is (are) true, concerning the Going Concern assumption?
- When preparing
financial statements, management is required to make an assessment of an enterprise’s ability to continue as a going concern which should be at least twelve months frombalance sheet date - When an enterprise has a history of profitable operations and ready access to financial resources it is not a detailed analysis as to is ability to operate as a going concern is not necessary
- When the financial statements are not prepared on a going-concern basis, this fact should be disclosed
- When preparing
- I and II only
- II and III
- II and III only
- I, II, and III
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