Which of the following statement best describes the accounting concept of going concern? O Expenses and revenue are matched to the same time period in which they The business will continue to trade the foreseeable future. When a business produces its financial statement it should always adopt a figure for profit and / or the valuation of its assets. Items with a low value should not h

Which of the following statement best describes the accounting concept of going concern? O Expenses and revenue are matched to the same time period in which they The business will continue to trade the foreseeable future. When a business produces its financial statement it should always adopt a figure for profit and / or the valuation of its assets. Items with a low value should not h

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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Question

Which of the following statement best describes the accounting concept of going concern?
O Expenses and revenue are matched to the same time period in which they relate.
O
The business will continue to trade the foreseeable future.
When a business produces its financial statement it should always adopt a conservati
figure for profit and/or the valuation of its assets.
O
Items with a low value should not be reported separately in the financial accounts.

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