The conceptual framework's recognition and measurement concepts recognize which of the following as an assumption, rather than a principle?
A)Going concern.
B)Historical cost.
C)Full disclosure.
D)Realization.

Question

Quizplus · Accepted Answer

The going concern assumption is an underlying assumption of the conceptual framework that assumes that an entity will continue to operate in the foreseeable future. It is an assumption rather than a principle because it is not a specific recognition or measurement principle like historical cost or realization.

The Conceptual Framework's Recognition and Measurement Concepts Recognize Which of the Following