Which of the following is not correct about Going Concern? O a. The concept of going concern is an underlying assumption in the preparation of financial statements O b. The financial statements presume that the entity is a going concern and will continue its operations for the foreseeable future O C. Assume that the business will continue to operate long enough to carry out its current obligations, objectives and commitments O d. The concept of going concern is a conservative in the preparation of financial statements

Which of the following is not correct about Going Concern? O a. The concept of going concern is an underlying assumption in the preparation of financial statements O b. The financial statements presume that the entity is a going concern and will continue its operations for the foreseeable future O C. Assume that the business will continue to operate long enough to carry out its current obligations, objectives and commitments O d. The concept of going concern is a conservative in the preparation of financial statements

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Description: Which of the following is not correct about Going Concern?a. The concept of going concern is an underlying assumption in the preparation of financial statementsO b. The financial statements presume that the entity is a going concern and will continu

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Which of the following is not correct about Going Concern?
a. The concept of going concern is an underlying assumption in the preparation of financial statements
O b. The financial statements presume that the entity is a going concern and will continue its operations for the foreseeable future
O C. Assume that the business will continue to operate long enough to carry out its current obligations, objectives and commitments
O d. The concept of going concern is a conservative in the preparation of financial statements

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