Practice - Going Concern Concept
Enroll to start learning
You’ve not yet enrolled in this course. Please enroll for free to listen to audio lessons, classroom podcasts and take practice test.
Practice Questions
Test your understanding with targeted questions
What does the Going Concern concept assume about a business?
💡 Hint: Think about the longevity of the business.
How should assets be recorded according to the Going Concern concept?
💡 Hint: Consider what 'historical' means.
4 more questions available
Interactive Quizzes
Quick quizzes to reinforce your learning
What does the Going Concern assumption indicate?
💡 Hint: Consider the future aspect of business operations.
True or False: A company must disclose if it is not a going concern.
💡 Hint: Think about transparency and honesty in finance.
2 more questions available
Challenge Problems
Push your limits with advanced challenges
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.
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.
Get performance evaluation
Reference links
Supplementary resources to enhance your learning experience.