The Going Concern Assumption Is That the Business Will Continue

question 248

True/False

The going concern assumption is that the business will continue in operation long enough to carry out its existing objectives and commitments.

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Definitions:

Addition Rule

A method used in probability to determine the total probability of the occurrence of at least one of several events.

Deck of Cards

A standard set of 52 playing cards, used in various games, consisting of four suits: hearts, diamonds, clubs, and spades.

Addition Rule

In probability, a rule that calculates the likelihood of any of two or more mutually exclusive events occurring.

Automobile Accident

An unexpected event involving a vehicle that usually results in damage and/or injury.