Which of the following is a key assumption underlying the preparation of financial statements?
A) the going concern basis of accounting
B) the matching principle
C) the prudence principle
D) the historical cost measurement basis

Question

Quizplus · Accepted Answer

The going concern basis of accounting is a fundamental assumption that a company will continue to operate for the foreseeable future, which is essential for preparing financial statements.

Which of the Following Is a Key Assumption Underlying the Preparation