Explain briefly what is meant by the going concern assumption.
Question:
Explain briefly what is meant by the going concern assumption.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (3 reviews)
The going concern assumption is an accounting principle that assumes a business will continue to exi...View the full answer
Answered By
Saleem Abbas
Have worked in academic writing for an a years as my part-time job.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Principles Of External Auditing
ISBN: 9780470974452
4th Edition
Authors: Brenda Porter, Jon Simon, David Hatherly
Question Posted:
Students also viewed these Business questions
-
Management should consider a range of issues and information concerning the companys future performance when assessing their companys ability to continue as a going concern, for example the...
-
Explain briefly what is meant by the going concern assumption.
-
ISA 560 Subsequent events gives guidance to the auditor with regards to events after the reporting period. The audit of one of your audit clients has just been concluded and the audit report signed...
-
When not cooking for Cody and Lucky, Don works part-time as a logistics expert. Don needs to optimize the shipment of plastic plates from the Plants in Miami, St. Louis, and Cleveland to the...
-
Is current used up in a resistor? Explain.
-
After watching a number of children playing games at a video arcade, a statistics practitioner estimated the following probability distribution of X, the number of games per visit. x 1 2 3 4 5 6 7 P...
-
Use your results from Exercise 35 to construct a bar graph that shows the percentages of U.S. adults ages 25 and over based on employment status. Each category of employment status will have four...
-
1. What steps should U.S.-based franchisors take when establishing outlets in foreign countries? 2. Describe the opportunities and the challenges franchisors face when entering emerging markets such...
-
To acquire the net assets of three smaller companies, Concord authorized the issuance of an additional 156,000 common shares. The acquisitions took place as shown below. Date of Acquisition Shares...
-
Explain briefly the auditors responsibility for assessing the propriety of the auditee adopting the going concern assumption during: (i) The risk assessment phase of the audit. (ii) The evidence...
-
(a) State the period which is subject to the auditors review for subsequent events. (b) List three procedures auditors commonly use during their review for subsequent events.
-
Derive the conclusion of the following symbolized arguments. Use conditional proof or indirect proof as needed.
-
1. Make a comparison between the leadership approaches "Trait Models" and "Behavioral Models". Discuss the main postulates and differences between the models and provide examples of a theory...
-
Applying the Central Limit Theorem: The amount of contaminants that are allowed in food products is determined by the FDA ( Food and Drug Administration ) . Common contaminants in cow milk include...
-
A collection of techniques used by social scientists to compile, summarize, and convey numerical data. Revised Research Question Hypothesis : Null Hypothesis : A null hypothesis, often known as H0,...
-
Adidas is an international sporting apparel/shoes brand. If Adidas was to enter a new foreign market, it would conduct a country market assessment. Identify the 4 components of the assessment....
-
Using the scenario linked in the Supporting Materials section, assume that you are the cost accountant for your company, and the CFO has asked for your analysis on purchasing materials from an online...
-
A fuel mixture with the molar analysis 75% CH4, 15% CO, 5% O2 and 5% N2 burns completely with 10% excess air in a reactor operating at steady state. If the molar flow rate of fuel is 0.2 kmol/h,...
-
The relationship described in question 7 does not always appear to hold. What factors, besides the number of firms in the market, might affect margins?
-
Describe the situations that would lead to the use of the three different buying processes for a particular productlightweight bumpers for a pickup truck.
-
Why would an organizational buyer want to get competitive bids? What are some of the situations when competitive bidding cant be used?
-
How likely would each of the following be to use competitive bids? ( a ) a small town that needed a road resurfaced, ( b ) a scouting organization that needed a printer to print its scouting...
-
Construction of consumer price index number for the given goods and services. Item Weight in % Base period price Current period price Food 35 150 145 Fuel 10 25 23 Cloth 20 75 65 Rent 15 30 30 Misc....
-
Gammaro Corporation has found that 80% of its sales in any given month are credit sales, while the remainder are cash sales of the credit sales, Gammaro Corporation has experienced the following...
-
Swifty Company estimates that 2022 sales will be $43,200 in quarter 1,$51,840 in quarter 2 , and $62,640 in quarter 3 , Cost of goods sold is 50% of sales. Management desires to have ending...
Study smarter with the SolutionInn App