Practice Quiz

Forensic Accounting

Category - Specialized Forensic Knowledge

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What is going concern?
  1. Entity is going to be able to operate in the days to come
  2. Company has gone bankrupt
  3. Company has legal issues to deal with
  4. Company has been sued by a corporate entity
Explanation
Answer: A - The principle of ‘going concern’ is fundamental in accounting and auditing. A going concern refers to an entity that is operating successfully and will continue to do so in the future.
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