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Which the going concern assumption assumes that

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Problem 1: The going concern assumption assumes that ______________.

A. the business will be liquidated in the near future.

B. the business's sole concern is to ensure the accuracy of the financial records.

C. the business will presents useful information in yearly basis.

D. the business will continue on long period of time to carry out its existing objective and commitments.

Problem 2: The accounting concept that states the recorded business activities should be kept separated from the recorded activities of its owner is the ___________ concept.

A. comparability

B. economic entity

C. monetary measurement

D. neutrality

Problem 3: "The transaction in bookkeeping is concerned only with those facts which can be measured in monetary terms". This is in line with the.............. concept.

A. going concern

B. comparability

C. consistency

D. money measurement

Reference no: EM132946396

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