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प्रश्न
Which of the following statement(s) is/are correct?
Statement 1: The Going Concern Concept assumes that a business will not cease operations in the near future.
Statement 2: The Business Entity Concept implies that the business and its owner are separate entities, and the owner's personal transactions should be recorded in the business books.
पर्याय
Only Statement 1 is correct.
Only Statement 2 is correct.
Both Statements 1 and 2 are correct.
Both Statements 1 and 2 are false.
MCQ
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उत्तर
Only Statement 1 is correct.
Explanation:
The Going Concern Concept is a fundamental accounting assumption that implies a company will continue to operate indefinitely and will not be closed or liquidated in the foreseeable future.
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