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Which going concern assumption means that

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Problem 1: Going concern assumption means that

a. The business is registered with a government agency

b. The business is making a satisfactory amount of profit

c. The business has no known intent of curtailing normal operations

d. The business is allowed to open a branch or factory anywhere

Problem 2: Which of the following statements is false?

a. A statement of cash flows summarizes information about the cash inflows(receipts) and outflows (payments) for a specific period of time.

b. A balance sheet reports the assets, liabilities, and owner's equity at a specific date.

c. An income statement presents the revenues, expenses, changes in owner's equity, and resulting net income or net loss for a specific period of time.

d. An owner's equity statement summarizes the changes in owner's equity for a specific period of time.

Reference no: EM132739381

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