The business will continue to operate for an indefinitely long period in the future, unless there is a good evidence to the contrary this assumption is related to

Related MCQs

• Which of the following concepts assumes that a business will last indefinitely?
• Asset acquired for long period of time in the business is known as ___________
• A business firm is separate and distinct from its owners is the assumption under which of the following accounting concepts:
• P & L Account is prepared for a period of one year by following [Hints: (c) P&L A/C is prepared for a period of one year by following the concept of Accounting Period.]
• Any written evidence in support of a business transaction is called:
• A resource owned by the business with purpose of using it for generating future profit, is known as
• Which of the following is a resource owned by the business with the purpose of using it for generating future profits?
• It is generally assumed that the business will not liquidate in the near foreseeable future because of
• These are the reserves created only to strengthen the financial position or the business and to keep the funds available for any future contingency or expenditure that may be required:
• Unless otherwise stated, a preference share is always deemed to be :