It is generally assumed that the business will not liquidate in the near foreseeable future because of

Related MCQs

• Expenditures in respect of certain types of assets whose usefulness does not expires in the year of their occurrence but generally expires in the near future are called
• The concept that business is assumed to exist for an indefinite period and is not established with the objective of closing down is referred to as
• The basic principles of ____ concept is that business is assumed to exist for an indefinite period
• According to _________ concept it is assumed that the business will last for long time
• 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
• 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?
• 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:
• Rules of revenue recognition determine that earning process should be either complete or near completion under:
• Which of the following transactions of a business is/ are recorded in Journal Proper? (i) Purchase of goods on credit (ii) Sale of Office Furniture for cash (iii) Discounting of Bill of Exchange with a bank (iv) Endorsement of a Bill of Exchange in settlement of debt of the business