Accounting · Going Concern Concept
Which of the following combinations of statements is correct regarding the 'going concern' basis of accounting? 1. It is used when the entity is expected to continue in business for the foreseeable future. 2. The foreseeable future is defined for accounting purposes as exactly 6 months from the reporting date. 3. It assumes that the entity will be able to realize its assets and discharge its liabilities in the normal course of business. 4. It asserts that the company will have net current assets for the next 12 months.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 12 and 3
- 23 and 4
- 31 and 3✓
- 41 and 2
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1 and 3
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