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
Correct Answer:
Verified
Q1: Which of the following statements regarding the
Q2: Which of the following statements concerning accounting
Q3: The tendency to value what we have
Q4: The prediction that people estimate frequency or
Q5: CAS 540 refers to management's judgments that
Q7: The tendency for auditors to blindly follow
Q8: The tendency to exaggerate the inevitability of
Q9: According to Savage and Van Allen,what is
Q10: An approximation of a monetary amount in
Q11: It is "reasonable" to assume the going-concern
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents