FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

What is a goingconcern problem? What factors can contribute to such a
problem?

Expert Solution
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Step 1

Given:

To analyse about the going concern problem and its factors contribution as follows,

 

Step 2

The Going concern concept is also known as continuity concept. Based on this as per the recorded assest the firm will continue the operation and meet the obligations based on business normal course.

This leads to going concern problem.



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