0
is a concept which shows that a bussiness is continue in its operation even if it is not .
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
What are the advantages of the going concern concept?
A going concern is a business that operates without the threat of liquidation. The advantages of going concern are that the business declares the intention of running for at least 12 months.
Why are assets recorded at cost price and not current values?
Cuz of 'going concern' principle...
What Basic 8 concepts of financial accounting?
There are eight accounting concepts: Business entity concept, cost concept, going concern concept, matching concept, objectivity concept, unit of measure concept, adequate disclosure concept, and accounting period concept
What are the Accounting principles?
1)going concern 2)consistency 3)materiality 4)principle of prudence 5)business Entity Accounting principles are those rules and concepts that are generally accepted as standards for the field of accounting. These are standardized by governing bodies such as GAAP and IASB. Few core principles are Accrual concept, Business Entity Concept, Time Period Assumption etc.
What are the fundamental concept of accounting?
basic principle of accounting
What examples best describe the going concern concept?
what exmples best describe the going concern concept
What are the advantages of the going concern concept?
A going concern is a business that operates without the threat of liquidation. The advantages of going concern are that the business declares the intention of running for at least 12 months.
Why are assets recorded at cost price and not current values?
Cuz of 'going concern' principle...
What accounting concept justifies the usage of accruals and deferrals?
Going Concern Assumption
What Basic 8 concepts of financial accounting?
There are eight accounting concepts: Business entity concept, cost concept, going concern concept, matching concept, objectivity concept, unit of measure concept, adequate disclosure concept, and accounting period concept
What is the disadvantage of the going concern concept?
One of the disadvantages of the going concern concept is that it may not accurately reflect fair market value. A business may not end up having to go out of business and liquidate its assets. The company could pull through and raise enough resources to stay operational.
A principle or idea?
concept
What is the principle of solar power systems?
The principle of solar power systems is the concept of Going Green. The concept of using a renewable resource i.e. the sun, to provide for all daily power needs, instead of using non renewable resources such as fossil fuels.
What is the concept of regionalism about?
The concept of regionalism is defined as the principle or system of dividing a city or a state into separate administrative regions and the advocacy of such principle.
What are the Accounting principles?
1)going concern 2)consistency 3)materiality 4)principle of prudence 5)business Entity Accounting principles are those rules and concepts that are generally accepted as standards for the field of accounting. These are standardized by governing bodies such as GAAP and IASB. Few core principles are Accrual concept, Business Entity Concept, Time Period Assumption etc.
What are the concepts of accounting?
where are 7 Accounting concept in the books of CIE which are done for methods e.g deprecation=prudence if the company will complete forward=going concern etc.idea is more basic to accounting than the accounting unit or entity, a term used to identify the organization for which the accounting service is to be provided and whose accounting or other...Accounting concept are customs and tradition which are used as a guide for preparation of financial statements
What concept or principle requires layered complementary controls sufficient to detect and deter infiltration and exploitation of an organization its information systems and its facilities?
The security indepth concept
