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Which assumption that organisation will be able to continue

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Reference no: EM132951642

Problem 1: Which of the following statement is TRUE in relation to general purpose financial statement (GPFS's)?

a. General purpose financial statements (GPFSs) are financial statements that comply with accounting standards and are intended for users of financial information who are unable to command the preparation of statements tailored to their specific information needs.

b. General purpose financial statements (GPFSs) include, for example, the sales budget, the cash budget, and the budgeted balance sheet.

c. Smaller organisations, with a relatively low level of separation of owners and managers, will generally issue general purpose financial statements (GPFSs).

d. General purpose financial statements (GPFSs) are financial statements designed to meet the needs of a specific group of stakeholders or to satisfy a specific purpose.

Problem 2: An assumption that an organisation will be able to continue to operate in the normal way for the foreseeable future is known as the:

a. going concern assumption

b. continuing operations assumption

c longevity assumption

d. accounting period assumption

Reference no: EM132951642

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