The Going-Concern Assumption States an Entity Will Remain in Operation

question 160

True/False

The going-concern assumption states an entity will remain in operation for only the next accounting period.

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Definitions:

Latent Memory Traces

Nonconscious memories that, while not presently accessible, can influence behavior and thought processes.

Ancestral Past

The history and lineage of one's predecessors or the evolutionary history of a species.

Moral Component

The element of decision making that pertains to what is right and wrong, ethical and unethical.

Personality

An individual’s unique constellation of consistent behavioral traits.