What is going concern concept in simple words? The going concern concept is a fundamental principle of accounting.It assumes that during and beyond the next fiscal period a company will complete its current plans, use its existing assets and continue to meet its financial obligations. ... This ...
1. The stable monetary unit concept means that the type of currency used for the financial statements is not expected to change. ( ) 2. The objectivity principle states that assets and services should be recorded at their actual cost, since cost is a reliable measure to use in financial ...
This is an important concept to financial accounting because many other accounting principles are based on the assumption that companies will not cease to exist at the end of a period. The going concern principle is what establishes the ability for companies to accrue expenses and prepay asset. ...
(2022·江苏省前黄高级中学高二开学考试)Whenhydrogen(氢气)burns,theonlybyproductiswater—whichiswhyhydrogenhasbeenanattractivezero-carbonenergysourcefor decades.Yetthetraditionalprocessforproducinghydrogen,inwhichfossilfuelsareexposedto steam,isnotevenremotelyzero-carbon.Hydrogenproducedthiswayiscalledgrayhydrogen;if...
Going concern:The going concern concept assumes that a company will continue to operate indefinitely unless there is evidence to the contrary. This concept forms the basis for valuing assets and liabilities, assuming that they will be used in the normal course of business operations. ...
Going concern is one the fundamental assumptions in accounting on the basis of which financial statements are prepared. Financial statements are prepared assuming that a business entity will continue to operate in the foreseeable future without the need or intention on the part of management to liquid...
The Quick Answer: Inflation is a critical concept in the economy, representing the rate at which the general level of prices for goods and services rises, diminishing purchasing power. This article explores inflation’s multifaceted nature, examining its causes, such as demand-pull and cost-push ...
The concept of integrity has played a key role in moral philosophy throughout history and is promoted in all societies because of its importance to social relations. Individual integrity is vital to society, one that enables people to make use of their capacity for critical reflection, does not...
Still, as impressive as all this is, it may be trivial compared with what comes next. 出自-2016年12月阅读原文 So what other variables could be used if the racial concept is thrown out? Yudell said scientists need to get more specific with their language, perhaps using terms like ancestry ...
Separate entity assumption - the business is an entity that is separate and distinct from its owners‚ so that the finances of the firm are not co-mingled with the finances of the owners. • Going concern assumption - the business is going to be operating for the foreseeable future. Sta...