The Going-Concern Assumption States That The

question 51

Multiple Choice

The going-concern assumption states that the:

• A)company will always maximize the profit for shareholders.
• B)company is not expected to go out of business in the near future.
• C)company is a separate concern from the shareholders.
• D)company's results will be reported in a consistent manner from period to period.

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Definitions:

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The formal and legally recognized possession of property, rights, or interests, backed by law.

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Represents the actual, inherent worth of an asset, free from market fluctuations or perceptions.

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A gift made by someone in contemplation of imminent death, which becomes void if the donor survives.

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The revenue generated from the sale of lottery tickets, often allocated to public sector projects or education.