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Which accounting principle assumes a business will continue operating indefinitely?
A) Going Concern
B) Matching
C) Consistency
D) Materiality
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Solved in 2 steps
- That a business may only report activities on financial statements that are specifically related to company operations, not those activities that affect the owner personally, is known as which of the following? A. separate entity concept B. monetary measurement concept C. going concern assumption D. time period assumptionWhich of the following is considered a constraint on useful information by Statement of Financial Accounting Concepts No. 8? a. benefits costs b. conservatism c. timeliness d. verifiabilityWhich accounting principle assumes the business will continue to operate in the foreseeable future?A. Matching PrincipleB. Accrual PrincipleC. Going Concern PrincipleD. Consistency Principle
- Which accounting principle assumes a business will continue to operate indefinitely?a) Going Concernb) Consistencyc) Conservatismd) Economic EntityWhich accounting principle assumes a business will continue to operate indefinitely?a) Going Concernb) Consistencyc) Conservatismd) Economic Entity helpWhich accounting concept assumes that a business will continue operating indefinitely?A. Monetary Unit AssumptionB. Going Concern AssumptionC. Economic Entity AssumptionD. Time Period Assumption
- Which accounting concept assumes a business will continue operating into the foreseeable future?A. Monetary Unit AssumptionB. Going Concern AssumptionC. Economic Entity AssumptionD. Time Period AssumptionThe accounting concept that assumes the business will continue for the foreseeable future is called: A) ConsistencyB) PrudenceC) Going ConcernD) AccrualhelpThe accounting concept that assumes the business will continue for the foreseeable future is called: A) ConsistencyB) PrudenceC) Going ConcernD) Accrual
- Which of the following terms is used when assuming a business will continue to operate in theforeseeable future?A. separate entity conceptB. monetary measurement conceptC. going concern assumptionD. time period assumptionWhich accounting concept assumes a business will continue to operate in the foreseeable future? A. Accrual ConceptB. Consistency ConceptC. Going Concern ConceptD. Prudence ConceptWhich accounting concept assumes a business will continue operating into the foreseeable future?A. Monetary Unit AssumptionB. Going Concern AssumptionC. Economic Entity AssumptionD. Time Period Assumption I need help
