According to this concept‚ it is assumed that the business will continue for a fairly long time to come. There is neither the intention nor the necessity for the purpose of liquidating the particular business venture in the foreseeable future. This is because if the results of the business operation were to be accounted for on the basis of the expected liquidation it would be almost impossible for suppliers to supply goods and services and other business firms to enter into any economic transactions
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The accruals and going concern concepts are regarded as fundamental in the preparation of financial statements. Discuss the advantages and disadvantages of these concepts‚ explaining the reasons why these concepts may be difficult to apply or may be inconsistent with other concepts. Accounting statement and records are a periodic summary of account activity within a period and the documentations involved in the preparation of it (Thomas and Ward‚ 2012: 4). They are done based on a set of rules developed
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Going Concern in a Credit Crisis – Call for Your Views Steve Priddy Director of Technical Policy and Research October 2008 You can comment on this piece at http://discuss.accaglobal.com/view_topic.php?id=49&forum_id=62 One of the fundamental accounting concepts is that financial statements are prepared on a going concern basis – that is that there is an underlying assumption that the entity will continue in operational existence for the foreseeable future and that the entity has neither the intention
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ISA ISA 570 November 2008 International Standard on Auditing Going Concern INTERNATIONAL STANDARD ON AUDITING 570 Going Concern Explanatory Foreword The Council of the Malaysian Institute of Accountants has approved this standard in November 2008 for publication. This standard should be read in conjunction with the Preface to Malaysian Approved Standards on Auditing; Preface to International Standards on Quality Control‚ Auditing‚ Review‚ Other Assurance and Related Services; Glossary
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Visual Merchandising -Concepts & Concerns- by Ramya Raamanathan Visual Merchandising -Concepts and ConcernsVisual Merchandising‚ Handloom & Home Textiles-A Historical PerspectiveVisual Merchandising has been always one of the weakest aspects of Handloom and Home Textile marketing. For much of the time‚ Availability and opening of newer outlets was the prime objective rather than effective visual merchandising. Reach rather than visual quality of point of purchase was the consideration.
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Sarene Su Acct 597 First Draft INTRODUCTION BACKGROUND AND HYPOTHESIS Going-Concern Opinions and Bankruptcies Auditors can make two types of misclassification errors regarding going concern Auditor’s Dilemma on the Issuance of Going-Concern Opinions Although SEC and other legislative bodies have provided significant litigation relief to auditors making Type II misclassification errors‚ the cost of making Type II misclassification can still be quite large (Geiger and Raghunandan)
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Information Technology and the ‘Going Paperless’ Concept The idea of a company’s business operations venturing into a paperless environment from a paper-filled filing cabinet clutter is not a new concept. The aspiration for a paperless environment was conceived in the minds of management beginning over twenty years ago‚ dating back to manufacturers and the idea of paperless workstations. (Weber) Unfortunately‚ the businesses then were forced to delay paperless environment execution due to a
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here‚ Platters is a bit different than my kitchen back home and my eyes are a lot bigger than my stomach. Then after all that‚ comes the important part of why we’re here‚ school. My teachers always said to my back in highschool‚ “Jake you’re not going to be able to procrastinate and put things off when you go to college like you do here.” Well I never payed much attention to that until I got here and now here I am‚ buried in schoolwork‚ studying‚ reading text books‚ with all this newfounded free
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CONCERN FOR PEOPLE AND CONCERN FOR WORK IN MANAGEMENT One of the most recent challenges of a typical manager in many establishments is the trouble of determining how much of attention should be given to production and the need of workers. A manager who concentrates on the various flimsy excuses of his workers is not likely to be a productive manager. Likewise a manager whose attention and focus is mainly on the work to be done‚ would also be a bad leader even though he attains a productive result
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My Goals and Concerns My goals for this class is that I want to understand more about how people feel about ethics and if they want to change them. If they want to change them‚ then why do they want to change them‚ and what would they change them to. My only fears are that maybe the instructor does not put enough information out about the assignments on what should be done. That even after I contact the instructor and ask questions that I believe will help clarify the assignment‚ I still will not
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