The annual final accounts of businesses are normally prepared on the assumption that the business is a
Question:
The annual final accounts of businesses are normally prepared on the assumption that the business is a going concern.
Required:
Explain and give a simple illustration of
(a) The effect of this convention on the figures which appear in those final accounts.
(b) The implications for the final accounts figures if this convention were deemed to be inoperative.
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Step by Step Answer:
The going concern assumption is a fundamental accounting principle that assumes a business will continue to operate indefinitely and will not be liquidated or cease its operations in the foreseeable f...View the full answer
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Related Book For 
Frank Woods Business Accounting Volume 1
ISBN: 9780273681496
10th Edition
Authors: Frank Wood, Alan Sangster
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