Multiple choice

In which of the following accounting self evident statements, it is assumed that the business will exist for a long time and transactions are recorded on this basis?

  1. Money measurement concept

  2. Going concern concept

  3. Accounting period concept

  4. Convention of consistency

  5. Profit and loss account statement

Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

In this accounting self evident statement, it is assumed that the business will exist for a long time and transactions are recorded on this basis.