This Concept, Which Is an Extension of the Going-Concern Concept

question 181

Multiple Choice

This concept, which is an extension of the going-concern concept, holds that the value of an asset that a company reports in its accounting records should be the asset's historical cost, not its current market value. Although this concept offers objectivity and reliability, it may lack relevance, particularly for assets held for a long period of time. From the following answer choices, choose the name of the accounting concept that matches the description.

• A) Measuring-unit concept
• B) Full-disclosure concept
• C) Cost concept
• D) Time-period concept

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Definitions:

Small Businesses

Enterprises characterized by a small number of employees and relatively low volume of sales, often locally or independently owned and operated.

Influencer

An individual who has the ability to affect the purchasing decisions of others because of their authority, knowledge, position, or relationship with their audience.

Instagram Followers

Individuals who choose to follow a specific user's account on Instagram, allowing them to see the user's posted content.

Snow Branding

A marketing strategy that involves creating a unique identity in the customers' mind, similar to branding, but focused on standing out like a unique snowflake in a crowded market.