Going concern is one of the assumptions of the financial statement. According to this assumption, the entity is expected to run its business for the foreseeable future. Hence, the financial statements are prepared assuming that the business will run at least for the next financial statement. To indicate: The four categories of events that may indicatea going concern problem.

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Chapter 17, Problem 17.10RQ

To determine

Concept Introduction:

Going concern is one of the assumptions of the financial statement. According to this assumption, the entity is expected to run its business for the foreseeable future. Hence, the financial statements are prepared assuming that the business will run at least for the next financial statement.

To indicate:The four categories of events that may indicatea going concern problem.

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