The going concern assumption presumes a business will continue for the
Anext month only
Bperiod of its loan
Cforeseeable future
Dlife of its founder
Answer & Solution
Correct answer: C. foreseeable future
Statements are prepared assuming the entity keeps operating with no intention or need to liquidate.
Keep practising Accounting Concepts
Browse all Accounting Concepts questions for CA Foundation, or explore more Accounting topics.
Related questions
Forensic accounting engagements arise fromFinancial statements published after the period ends are mainlyManagement accounting also covers future-oriented items such asWhich audit firm was dissolved after the Enron scandal?The Sarbanes-Oxley Act of 2002 followed the admissions of fraud atPreventing and detecting fraud is primarily the duty ofAn intentional misstatement in accounting records involving deception isWhich accounting field aims to give an independent opinion on financial statements?