tmorrow got account test and i really2 dont like those 'accounting concept' stuffs sangat x best~ my only intention now is that i want to post them here! Accounting Concept 1. Going Concern DEFINITION This concept assumes that the business entity will continue in business in the foreseeable future. Therefore, the financial statement should be prepared based on the same assumption. As the intention is not to close its business, the company should not value their assets at amount realizable on a liquidation sale. It is necessary to understand that the Board of Directors of a company needs to make all necessary assessment of the enterprise’s ability to continue as a going concern. Uncertainties ongoing concern should be disclosed and if the enterprise’s financial statements are not prepared on a going concern, its needs to disclose all the facts and the basis and reason. If not, this non- disclosure is the same as fraud with the intention ...
