Multiple Choice
The accounting principle that requires financial statements to reflect the assumption that the business will continue operating instead of being closed or sold, unless evidenceshows that it will not continue, is the:
A) Revenue recognition principle.
B) Cost principle.
C) Going concern principle.
D) Monetary unit principle.
E) Business entity principle.
Correct Answer:
Verified
Correct Answer:
Verified
Q56: Blu Lightning Co. spent $6,000 in cash
Q122: The Accounting Standards Board (AcSB), is the
Q125: Describe the purpose and importance of accounting.
Q163: Salaries paid with cash appear on which
Q164: Businesses can take the following form(s)<br>A)Sole proprietorship.<br>B)Partnership.<br>C)Sole
Q167: A corporation<br>A)Is regulated by Canada Revenue Agency.<br>B)Has
Q168: The financial statement that describes where a
Q170: Accounting information is only relevant for people
Q189: The natural business year for businesses is
Q215: The accounting equation can be restated as