The Going Concern Assumption States That a Business Will Be

question 2

True/False

The going concern assumption states that a business will be shutting down its operation in the near future.

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Definitions:

External Criteria

Involves factors or standards imposed from outside an organization or system to assess its performance or quality.

Internal

Internal pertains to something located within or happening inside a specified entity, such as an organization or the human body.

Sociological

Pertaining to sociology, which is the study of society, patterns of social relationships, social interaction, and culture.

Generalizability

The extent to which research findings and conclusions can be applied to larger populations or different contexts outside the study's parameters.