Chapter 4 Quiz
1. The going concern concept refers to a presumption that:
the entity will not be involved in a merger within a year.
the entity will be profitable in the coming year.
the entity will continue to operate in the foreseeable future.
Chapter 2 Quiz
The balance sheet might also be called:
Statement of Changes in Financial Position.
None of these.
Statement of Assets.
Statement of Financial Position.
A fiscal year:
must end on the last day of a month.
must always end on the same date