The Going Concern Assumption Is That the Business Will Continue

question 134

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:

Reelect

The act of voting someone into an official position for another term, having previously held the position.

FDR

Franklin D. Roosevelt, the 32nd President of the United States, who served four terms from 1933 until his death in 1945 and led the country through the Great Depression and World War II.

Agricultural Adjustment Act

A New Deal legislation passed in 1933 aimed at boosting agricultural prices by reducing surpluses. It provided financial assistance to farmers who reduced crop acreage.

Economic Security

A condition in which individuals or communities have the assurance that their basic economic needs, such as food, shelter, and income, will be met.