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20 April, 13:54

Company X is required to provide financial information to the public at specified intervals of time. Which underlying assumption of GAAP requires Company X to do this? a. Economic entity b. Monetary unit c. Going concern d. Periodicity

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  1. 20 April, 16:37
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    The correct answer is c. Going concern.

    Explanation:

    The going concern principle means that entities must report the information taking into account whether or not they are in a position to continue operating over time in the short term. The users of the information need to know the state of the entity in order to make economic decisions with a direct impact on it.
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