Which of the Following Statements Is False

question 73

Multiple Choice

Which of the following statements is false?

• A) The going concern assumption states that the business will continue in operation for the foreseeable future.
• B) If a company is not a going concern, the classification of its assets and liabilities does not matter.
• C) The going concern assumption underlies the preparation of financial statements.
• D) The going concern assumption does not create a foundation for the accounting process.

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An individual who starts and manages a business venture, taking on financial risks in the hope of profit.