Practice Going Concern Concept - 6.2.3 | 6. Accounting Concepts | ICSE Class 11 Accountancy
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6.2.3 - Going Concern Concept

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Learning

Practice Questions

Test your understanding with targeted questions related to the topic.

Question 1

Easy

What does the Going Concern concept assume about a business?

💡 Hint: Think about the longevity of the business.

Question 2

Easy

How should assets be recorded according to the Going Concern concept?

💡 Hint: Consider what 'historical' means.

Practice 4 more questions and get performance evaluation

Interactive Quizzes

Engage in quick quizzes to reinforce what you've learned and check your comprehension.

Question 1

What does the Going Concern assumption indicate?

  • The business will be dissolved soon
  • The business will operate indefinitely
  • The business is closing tomorrow

💡 Hint: Consider the future aspect of business operations.

Question 2

True or False: A company must disclose if it is not a going concern.

  • True
  • False

💡 Hint: Think about transparency and honesty in finance.

Solve 2 more questions and get performance evaluation

Challenge Problems

Push your limits with challenges.

Question 1

You evaluate a small tech startup. They have had low revenue for the past two years and are facing potential lawsuits. How would this impact your assessment of their Going Concern status?

💡 Hint: Consider the effects of external pressures on a business's future.

Question 2

A company has recorded a significant depreciation expense under the Going Concern assumption. Analyze how this might impact their financial statements and stakeholder perceptions.

💡 Hint: Think about how asset health connects to operational viability.

Challenge and get performance evaluation