The Going Concern Assumption

question 271

Multiple Choice

The going concern assumption:

• A) Means that we can express transactions and events in monetary, or money, units.
• B) Means that a business is accounted for separately from other business entities, including its owner.
• C) Presumes that the life of a company can be divided into time periods, such as months and years, and that useful reports can be prepared for those periods.
• D) Prescribes that a company record the expenses it incurred to generate the revenue reported.
• E) Means that accounting information reflects a presumption that the business will continue operating instead of being closed or sold.

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