acompany willWhich concept assumescontinue to operate indefinitely?a) Revenue Recognitionb) Going Concernc) Conservatismd) Consistency

Explanation of Going Concern:The Going Concern concept is the assumption that a business will…

Answered: a company will Which concept assumes…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter9: Current Liabilities And Contingent Obligations

Section: Chapter Questions

Problem 20GI

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Similar questions

Which of the following concept is also called as Revenue Recognition Concept? O a. Accrual concept Ob. Realization concept Oc Matching concept Od. Disclosure concept
Which concept states that any policies adopted for accounting should not change frequently unless it is the demand of the changing circumstances Oa. Cost Concept O b. Money Measurement Concept Oc. Consistency Concept O d. Going Concern Concept
Under Qualitative Characteristics of Useful Financial Information, the abilitythrough consensus of measures to ensure that information represents what itpurports to represent is an example of the concept of:a. Relevanceb. Verifiabilityc. Faithful representationd. Feedback value
Give an example and explanation for each of the following differences between when revenues are recognized and cash flows are received: recognition simultaneous with receipt; recognition prior to receipt; and recognition after receipt.
Which one of the following recognises the idea that assets and income should not be overstated while liabilities and expenses should not be understated :A. Matching principle,B. Accrual concept,C. Principle of prudence.D. Consistency concept.
29. _____________ are the entity’s present obligations arising from past events, the settlement of which is expected to result in an outflow of resources from the entity. a. Assets b. Expenses c. Liabilities d. Income
Which type of revenue activity is correctly matched with the revenue recognition method? Which type of revenue activity is correctly matched with the revenue recognition method:Answer: The revenue activity which is measurable and earned are correctly matched withrevenue recognition...
Which of the following sets includes only accounting assumptions and conventions? a. timeliness, prudence, historical cost, and neutrality b. matching, comparability, period of timem and reliability c. monetary unit, going concern, relevance, and materiality d. monetary unit, entity, going concern, and realization-recognition
what are the concepts of revenue recognition?
Which of the following is not an accounting assumption? Select one: a.Integrity. b.Economic entity. c. Going concern. d. Periodicity.
Ans
Accounting, Difference of Perpetual and Peiodic

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a company will Which concept assumes continue to operate indefinitely? a) Revenue Recognition b) Going Concern c) Conservatism d) Consistency