Why is it necessary for accountants to assume that business entity will remain a going concern?
Question:
Why is it necessary for accountants to assume that business entity will remain a going concern?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (QA)
Assuming that a business entity will remain a going concern is a fundamental principle in accounting because it affects how financial statements are prepared and how financial information is presented ...View the full answer
Answered By
ROXAN VEGA
I have extensive hands-on experience and proficiency in assisting students in various subjects. During my tutoring sessions, I prioritize creating a supportive and engaging learning environment. I strive to understand each student's unique learning style and tailor my teaching methods accordingly. I am patient, empathetic, and skilled at breaking down complex concepts into simpler, more manageable parts. I encourage active participation and discussion, promoting critical thinking and problem-solving skills.
One of my strengths as a tutor is my ability to adapt to different learning needs and styles. I can explain difficult concepts using real-life examples, visual aids, or interactive exercises, depending on what works best for the student. I also provide clear explanations, answer questions, and offer guidance in a clear and concise manner.
0.00
0 Reviews
10+ Question Solved
Related Book For
Accountancy Financial Accounting Part 1 Textbook For Class 11
ISBN: 9788174505071
1st Edition
Authors: NCERT
Question Posted:
Students also viewed these Business questions
-
MULTIPLE-CHOICE QUESTIONS 1. Which of the following statements is false regarding audit reporting? a. The auditor's opinion should be expressed in a written report. b. The auditor should provide an...
-
Why is it necessary for managers and other decision makers to understand how accounting information is developed and reported? Shouldnt it just be managements job to manage and the accountants job to...
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
1. Johnathan's utility for money is given by the exponential function: U(X)-4-4*100). a. Based on his utility function, what is his risk-odds for the S+/-1 deal, r($1)? b. Is Johnathan a deltaperson?...
-
Refer to the situation described in BE 19-6. Suppose that Farmer initially estimates that it is not probable the goal will be achieved, but then after one year, Farmer estimates that it is probable...
-
What is a strategy map and how does it relate to the balanced scorecard?
-
Compare the rightmost terms of Eqs. 9.14 and 9.16 to determine whether, in any two-particle system subject to a single, constant external force, \(\Delta E\) is larger than, equal to, or smaller than...
-
The ledger of Swann Company contains the following balances: D. Swann, Capital $30,000; D. Swann, Drawing $2,000; Service Revenue $50,000; Salaries Expense $27,000; and Supplies Expense $4,000....
-
6. 7. 8. 9. You are given a converging lens with equal radii of curvature and a diverging lens with the same radii of curvature as those of the converging lens. The lenses are made of material with n...
-
A customer has filed a suit against a trader who has supplied poor quality goods to him. It is known that the court judgment will be in favour of the customer and the trader will be required to pay...
-
Ruchicas father is the sole proprietor of Friends Gifts, a firm engaged in the sale of gift items. In the process of preparing financial statements, the accountant of the firm Mr. Goyal fell ill and...
-
A technique for risk evaluation that uses a questionnaire, a series of rounds, and reports submitted in confidence and then circulated with the source unidentified is called: A. The Delphi technique...
-
You like high dividend stocks and took note when we looked at Verizon in class this quarter. You see its the balance sheet and income statement below. Develop the managerial balance sheet and income...
-
Identify the statement that is correct as it relates to the CVP income statement. It is part of the accounting information provided to all financial statement users. It is used internally by...
-
What choices does Cassidy have to fund Sophia's education? Make annual contributions to the RESP up to the life-time $50,000 maximum. All of the above. Utilize a TFSA savings strategy to pay for...
-
Western Led, recorded revenue for a five year construction contract evenly over the five years. describe Qualitative characteristic of financial statement foundation.
-
P&G and the market have the following annual returns. The risk-free rate is 3.5% and the equity market risk premium is 7.7%. Using CAPM and the data provided, what is P&G's expected return? Write...
-
An alternative algorithm for insertion into a B-tree is the following: As the insertion algorithm travels down the tree, each full node that is encountered is immediately split, even though it may...
-
Interview managers at three companies in your area about their use of ERP. How have their experiences been similar? What accounts for the similarities and differences?
-
Give examples of two types of operating systems.
-
Name the various categories of accounting package.
-
State the four basic requirements of a database applications.
-
They sign a mortgage for 320,000 paying @20,000 down and amortize the remainder in equal monthly payments over 25 years with 3 year term at 7% c.s.a. a) Construct an amortization table and find the...
-
The town of Welston borrows $5,000,000 at 7% c.s.a. interest payable semi-annually, full principal due and payable in 10 years. A sinking fund is set up with semi-annual deposits made estimated to...
-
1. Rosal Inc. is trying to determine its optimum average cash balance. The firm has determined that it will require P5,000,000 net new cash during the coming year. Converting securities to cash has a...
Study smarter with the SolutionInn App