The Going-Concern Assumption Is Also Known as the Continuity Assumption

question 52

True/False

The going-concern assumption is also known as the continuity assumption.

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Definitions:

Specific Purpose

A clear, defined goal or objective intended for a particular project or plan.

Duty of Compensation

The obligation to make payment or restitution to someone for loss, suffering, or injury.

Obligation

A legal or moral duty to do or refrain from doing something.

Agent

A person or entity appointed to act on behalf of another in dealings with third parties, often in commercial transactions.