FeelGood Limited Has Been Set Up Specifically for the Building

question 34

Multiple Choice

FeelGood Limited has been set up specifically for the building of an inner-city women's refuge. When the building has been erected and becomes operational (estimated time four months) , the company will be liquidated. Which basic assumption underlying the preparation of general-purpose financial reports will not apply in preparing the reports for FeelGood Limited?

• A) The business entity principle.
• B) The principle of duality.
• C) The going-concern principle.
• D) The period assumption.

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