Generally Accepted Accounting Principles Are Based on the Going-Concern Concept

question 16

Multiple Choice

Generally accepted accounting principles are based on the going-concern concept.Thus,an opinion that financial statements are in conformity with GAAP means that continued existence may be presumed for a "reasonable time",which is considered to be ________.

• A)at least one year beyond the date of the financial statements
• B)at least six months beyond the date of the financial statements
• C)at least two years beyond the date of the financial statements
• D)at least five years beyond the date of the financial statements

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Definitions:

Erectile Problems

Difficulties in achieving or maintaining an erection sufficient for satisfactory sexual performance.

Snap Gauge Band

A device used in the assessment of erectile dysfunction, measuring the ability of the penis to enlarge and stiffen during sleep.

Female Orgasmic Problems

Sexual dysfunction in women characterized by a persistent or recurrent difficulty achieving orgasm after adequate sexual arousal and stimulation.

Sexual Dysfunction

Various types of disruption in any phase of the sexual response cycle (desire, arousal, orgasm, and resolution) that prevent the individual or couple from experiencing satisfaction from sexual activity.