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hi, please help choose correct answer. (1) 5. The going concern concept implies: a) It is assumed that the entity will continue to operate in
hi, please help choose correct answer.
(1) 5. The going concern concept implies: a) It is assumed that the entity will continue to operate in the foreseeable future. b) It is assumed that the entity will cease to continue in the foreseeable future. c) The entity will continue to make profits in the foreseeable future. d) None of the above answers. 6. Dynamic Traders financial year ends on 28 February 2021. On 1 January 2021, the entity paid an insurance amount of R7 200 for the period 1 January 2021 till 30 June 2021. What is the amount that will be disclosed in the statement of financial position as at 28 February 2021? (You may ignore value-added tax (VAT) (2) a) Accrued expense of R4 800 b) Prepaid expense of R4 800 c) Accrued expense of R7 200 d) Prepaid expense of R7 200
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