Instructions (a) Explain the meaning and implications of the going concern assumption in financial accounting. (b) If

Question:

Instructions
(a) Explain the meaning and implications of the going concern assumption in financial accounting.
(b) If the going concern assumption did not apply in accounting, how would this affect the amounts shown in the for the following items?
1. Land
2. Unamortized bond premium
3. Depreciation expense
4. Inventory
5. Prepaid insurance
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...