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How does the going-concern principle affect reporting asset values of a business?
Total Assets
The cumulative total of all resources owned by an entity, including cash, investments, property, and other assets that have economic value.
Liabilities With Priority
Financial obligations that are given precedence over other debts of a company in the event of a liquidation or bankruptcy.
Unsecured Creditors
Creditors who have lent money without taking any assets as security, hence they bear a higher risk compared to secured creditors.
Unsecured Non-priority Liabilities
Debts that are not backed by collateral and do not have priority status in case of the debtor's bankruptcy.
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