This concept is known as a. Going concern Concept. b. Dual Aspect Concept c. Money measurement Concept d. Entity Concept
This concept is known as a. Going concern Concept. b. Dual Aspect Concept c. Money measurement Concept d. Entity Concept
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Gulf lubricants company has recently expanded its business and have set up office in Oman. You have been appointed as an accountant to manage the accounts of the company. The Chairman of the company hold 30% of the share capital of the company. He feels that, as until the time he is alive the company will be working smoothly and when he passes away, the company will be closed. He has called you in a meeting to discuss the future prospects of the company. You are required to explain him to understand that the life of the company is not like the life of human being, which will end if the owners passes away. But the company will continue in the future also. This concept is known as
a.
Going concern Concept.
b.
Dual Aspect Concept
c.
Money measurement Concept
d.
Entity Concept
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