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what exmples best describe the going concern concept
In accounting, "going concern" refers to a company's ability to continue functioning as a business entity. It is the responsibility of the directors to assess whether the going concern assumption is appropriate when preparing the financial statements. Financial statements are prepared on the assumption that the entity is a going concern, meaning it will continue in operation for the foreseeable future and will be able to realize assets and discharge liabilities in the normal course of operations.
Being a going concern is generally considered a positive thing for a business. It means that the company is financially stable and able to continue operating in the foreseeable future.
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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.
Going concern is the assumption that the company will be around for the foreseeable future. If an auditor has a going concern issue, he/she may fear that the company will go bankrupt, etc.
what exmples best describe the going concern concept
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In accounting, "going concern" refers to a company's ability to continue functioning as a business entity. It is the responsibility of the directors to assess whether the going concern assumption is appropriate when preparing the financial statements. Financial statements are prepared on the assumption that the entity is a going concern, meaning it will continue in operation for the foreseeable future and will be able to realize assets and discharge liabilities in the normal course of operations.
Better company reputation for showing concern in certain issues facing society.
liquidity ratio's
Lovejoy - 1986 A Going Concern 5-3 is rated/received certificates of: UK:PG (video rating) (2004)
there was no concern for "going green" because businesses were more worried about making a profit than the environment. Also, there was no such knowledge of the ozone layer or the greenhouse effect.
According to Going Concern Assumption it is assumed that the said business will continue in the foreseeable future and will not liquidate in future, This assumption ensures the faith of investors, potential investors, and all the stakeholders in the business. Thus the Financial Statement is prepared on the basis of Going Concern Assumption.
Going concern
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