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

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 financial statements for the following items?
1. Land
2. Unamortized bond premium
3. Depreciation expense
4. Inventory
5. Prepaid insurance

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