Under the Going Concern Assumption,assets Are Valued on the Basis

question 44

True/False

Under the going concern assumption,assets are valued on the basis that they will continue to be used for the purpose of conducting a business.

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Definitions:

Accounts

Financial records that track the transactions and balances for specific items such as assets, liabilities, equity, revenue, and expenses.

Debit

An accounting entry that results in either an increase in assets or a decrease in liabilities or equity on a company's balance sheet.

Credit

An accounting entry that increases a liability or equity account, or decreases an asset or expense account. It is also used in banking to denote the addition of funds to an account.

Credit Side

The right side of an accounting ledger, used for recording increases in liabilities, equity, and revenue, and decreases in assets and expenses.