Going Concern Concept in Accounting

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Going Concern Concept In Accounting Urdu Hindi Class 11 Accounts Taimoor Khalid

Historical cost is the amount that is originally paid to acquire the asset and may be different from the current market value of the asset.

. The materiality concept of accounting stats that all material items must be properly reported in financial statementsAn item is considered material if its inclusion or omission significantly impacts the decision of the users of financial statements. 37 Full PDFs related to this paper. Full PDF Package Download Full PDF Package.

An entity is a going concern unless management either intends to liquidate the entity or cease trading or has no realistic. Accounting standards set a high threshold for departing from the going concern basis. The historical cost concept also known as cost principle of accounting states that the assets and liabilities of a business should be presented in accounting records at their historical cost.

The accounting concept of going concern is based on the assumption that an entity will continue to operate into the foreseeable future. The items that have very little or no impact on a users decision are termed as immaterial or insignificant items. 22 PRINCIPLES AND PRACTICE OF ACCOUNTING.

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