Question: Going concern can be defined best as: The concept provides the basis for the formation of the accounting equation. This concept refuses allocation of cost

Going concern can be defined best as:
The concept provides the basis for the formation of the accounting equation.
This concept refuses allocation of cost on different accounting periods.
This concept discusses the issue of the realization of profit.
This concept assumes that the business will operate for a long period of time and will not be dissolved in the near future.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

27. Which of the following is an asset? 1. Accounts Receivable 2. Accounts Payable 3. Common Stock 4. Dividends 28. To show how successfully your business performed during a period of time, you would...

Q:

2. Going concern may be defined best as: (1 Point) A. The concept provides the basis for the formation of the accounting equation B. The concept refuses allocation of cost on different accounting...

Q:

34. Which of the following is not a feature of the separate entity concept? A. Business and owner are treated as separate entities B. Personal affairs of the owner should not be considered C....

Q:

Going concern can be defined the best as: This concept assumes that the business will operate for a long period of time and will not be dissolved in the near future. This concept discusses the issue...

Q:

1. In accounting for a defined-benefit pension plan a. an appropriate funding pattern must be established to ensure that enough monies will be available at retirement to meet the benefits promised....

Q:

Abstract Accounting frameworks follow stipulations of existing Accounting Theories. This exploratory research sets out to trace the evolution of accounting theories of Charge and Discharge Syndrome...

Q:

Abstract Accounting frameworks follow stipulations of existing Accounting Theories. This exploratory research sets out to trace the evolution of accounting theories of Charge and Discharge Syndrome...

Q:

Abstract Accounting frameworks follow stipulations of existing Accounting Theories. This exploratory research sets out to trace the evolution of accounting theories of Charge and Discharge Syndrome...

Q:

I need to answer the questions around 5-6 pages. 1. Why is there a need for separate system for governmental accounting and reporting? 2. Why can't we use the same standards applicable for private...

Q:

Prepare the financial analysis to support your decision between bankruptcy,voluntary reorganization,and Chapter11reorganization.It must be complete and prepared in a professional level,with the...

Q:

Let (xn) be properly divergent and let (yn) be such that lim(xnyn) belongs to R. Show that (yn) converges to 0.

Q:

An equal-weighted portfolio consists of 100 securities. The average return of the securities is 0.01, the average variance of the securities is 0.08, and the average covariance between any pair of...

Q:

Expedimos un cheque por $8,000 pata pagar un valor de varios anuncios publicados

Q:

Someone do changes in this code but the function and work of the code should remain the same just do changes in variables and logic but output should remain the same #include #include #include...