The going concern assumption: A) is applicable to all financial statements. B) p

ID: 2575191 • Letter: T

Question

The going concern assumption:

A) is applicable to all financial statements.

B) primarily involves periodic income measurement.

C) allows for the statements to be prepared under generally accepted accounting principles.

D) requires that accounting procedures be the same from period to period.

E) none of the answers are correct.

A) is applicable to all financial statements.

B) primarily involves periodic income measurement.

C) allows for the statements to be prepared under generally accepted accounting principles.

D) requires that accounting procedures be the same from period to period.

E) none of the answers are correct.

Going concern assumption means its assumed that business is going to carry in near foreseeable future.

This allows us to prepare the financials based on Generally accepted principles

Ans Option (C) correct , allows for the statements to be prepared under generally accepted accounting principles.

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