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:

Legislative Regulations

are rules made by a government or regulatory body that have the force of law.

Progressive Rate Structure

A tax system where the tax rate increases as the taxable amount increases, resulting in those with higher incomes paying a higher rate of tax on their income.

Federal Income Tax

A tax levied by the U.S. government on the annual earnings of individuals, corporations, trusts, and other legal entities, based on their income levels.

Marginal Tax Rate

The percentage of tax applied to your income for each tax bracket in which you qualify.