Going concern assumption says that the entity should be preparing its financial statements ongoing concern basis if there are not any conditions that suggest otherwise. An entity is assumed to be a going concern when it is reasonably certain that the entity can continue its operations for the foreseeable future.
When an entity is facing circumstances that can affect the operations of the entity adversely and there can be a doubt about the entity’s ability to continue as a going concern the entity should be preparing the financial statements on the breakup bases. It is the auditor’s responsibility to identify circumstances in the planning stage.
Presented below are the assumptions, principles, and constraint used in
If the going concern assumption is not made in accounting, discuss
Listed below are accounting concepts discussed in this chapter. a
Sarah Robertson, CPA, had been the auditor of Majestic Co
Instructions (a) Explain the meaning and implications of the
When reporting under GAAS, certain statements are required in all auditors’
The following questions concern analytical procedures in the sales and collection cycle
Listed below are several terms and phrases associated with the accounting concepts
Several types of opinions are described in a. through i.
In January of the current year, Park Corporation incurs $34
