What is the going concern assumption?
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 52% (19 reviews)
Going concern concept According to this concept it is assumed that business will continue to exist ...View the full answer
Answered By
Saurabh seth
I have 2 years of experience in teaching and I am very passionate about teaching .
I am currently pursuing or on the way to complete professional course - chartered accountant (CA) from institute of chartered accountant of india (ICAI),
CMA, DISA .
0.00
0 Reviews
10+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 9781259722660
9th Edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
Question Posted:
Students also viewed these Accounting questions
-
What is the going concern assumption of accounting and why is it necessary for accounting?
-
What does the going concern assumption mean for a business?
-
The going concern assumption is becoming an increasing source of concern for users of financial statements. There are instances of companies filing for bankruptcy several months after issuing their...
-
The following data pertain to the securities of Linford Company during 2012, the companys first year of operations: a. Purchased 400 shares of Persimmon Corporation stock at $40 per share plus a...
-
(a) If support is defined in terms of induced subgraph relationship, show that the confidence of the rule g1 g2 can be greater than 1 if g1 and g2 are allowed to have overlapping vertex sets. (b)...
-
A firm experiencing an increase in the marginal product of labor employed would most likely: A. allow an increased number of workers to specialize and become more adept at their individual functions....
-
Given Kovals current portfolio and the tax laws of the country in which he lives, Kovals portfolio would be more tax efficient if he reallocated his taxable account to hold more: A. high-yield bonds....
-
Can a Foreign Target Be Assessed Like Any Other Asset? Point Yes. The value of a foreign target to an MNC is the present value of the future cash flows to the MNC. The process of estimating a foreign...
-
The controller of Chittenango Chain Company believes that the identification of the variable and fixed components of the firm's costs will enable the firm to make better planning and control...
-
A random sample of 250 juniors majoring in psychology or communication at a large university is selected. These students are asked whether or not they are happy with their majors. The following table...
-
What are the four basic assumptions underlying GAAP?
-
Explain the periodicity assumption.
-
What are the two approaches used in the development of the thermal resistance network for two-dimensional problems?
-
Solve this exercise with steps and details by Real Analysis: nx 4x+1 fn: [0, 1] IR, nal with fulves (1) Show that the sequence has a pointwise limit and Compute it. (2) Does it have a uniform limit?...
-
Apply the three-step method to compute f'(x) where f(x) = 8x +4. Find and simplify the difference quotient. f(x+h)-f(x) h = I
-
The stated interest rate is 6% for $30,000. If there is a fee of $200 upfront, what is the APR or Effective interest rate?
-
Chirp Hearing is owned by Christina Howell and provides hearing aids and other auditory services. At the end of August 2022, the company had the following adjustments. Aug 31 Interest on the bank...
-
An antiderivative of f(x) = 3x4/3 + 4x5/4 is F(x) x7/3+ +
-
Suppose you own and operate an independent gym. When you opened the business, you worked full time and hired a few trainers to work with you. Business was good so you decided to open a second gym in...
-
The age-old saying for investing is "buy low and sell high," but this is easier said than done. Investors who panic about falling prices sell their investments, which in turn lowers the price and...
-
When a capital asset of a department reported in a proprietary fund is transferred to a general government department, the effect of the transaction is reported as: a. a transfer in both the...
-
What disclosures are required relative to long-term debt and sinking fund requirements?
-
What is off-balance-sheet financing? Why might a company be interested in using off-balance-sheet financing?
-
What is off-balance-sheet financing? Why might a company be interested in using off-balance-sheet financing?
-
(5 pts) Q4. What is displayed by the program fragment below? #include int main() { int a 3, b = 9; int *pa, *pb, *pc; pa = &a; pb = &pb; pc = pa; pa = pb; pb = pc; printf("%4d 4d 4d 4d %4d ", a, b,...
-
Using the Kosaraju's algorithm, find the strong components of the following directed graph. Please show your work.
-
Imagine your client would like to complete a tax inversion, acquiring a foreign company in Switzerland and moving the domicile of the combined company overseas. Your client believes that this will...
Study smarter with the SolutionInn App