The Going Concern Assumption Implies That

question 12

Multiple Choice

The going concern assumption implies that

• A) a firm will continue to be in business for the foreseeable future.
• B) a firm will be going out of business in the near future.
• C) a firm will continue to operate in the near future but only after being acquired by another firm.
• D) none of the above

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Definitions:

Vertebrates

Animals that have a backbone or spinal column, including fishes, amphibians, reptiles, birds, and mammals.

Filter

A device or process that removes impurities or separates particles from a liquid or gas.

Engulf

To surround or envelop completely, often used to describe how one cell can consume another.

Terrestrial Mollusks

Mollusks that live on land rather than in the sea or freshwater bodies; this group includes snails and slugs.