15. The assumption which assumes that the entity will not be liquidated in the n

Question

15. The assumption which assumes that the entity will not be liquidated in the near future is the: a. Accounting entity b. Going concen c. Economic substance d. Accounting period 16. Extermal decision-makers: a. Exist outside the organisation but have an interest in it b. Reside overseas c. Operate from branch locations d. Must be owners 17. External decision makers can be divided into four groups, to which of these groups do investors and creditors belong? a. Managers and governing bodies b. Recipients of goods and services c. Resource providers d. Reviewers and overseers 18. There are four steps in the accounting process, which of the steps is most concerned with the classification and summarisation of financial data? Identification a. b. Measurement c. Recording d. Communication Select the correct order in which the steps in the decision making process occur. 1·Choose a course of action 2. Establish goals 3. Gather information 4. Evaluate the consequences of the different alternatives 19. a. 2, 4, 3, 1 b. 2,3.4, c. 4,3, 2,1 d. 3, 1, 2, 4

Explanation / Answer

Going Concern Principle is an assumption that the entity will remain in business for the foreseeable future.

So the assumption which assumes that the entity will not be liquidated in the near future is the going concern.

Correct answer is b.

Related Questions

Navigate

• Browse (All)
• Browse 1
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.