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

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