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A going concern is an accounting term for a business that is assumed will meet its financial obligations when they become due. It functions without the threat of liquidation for the foreseeable future , which is usually regarded as at least the next 12 months or the specified accounting period (the longer of the two).
In financial accounting, a balance sheet (also known as statement of financial position or statement of financial condition) is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a business partnership, a corporation, private limited company or other organization such as government or not-for-profit entity.
Lower of cost or market was considered fair because assets were valued on a going-concern basis, rather than the price at which the assets were purchased. During the nineteenth century, lower of cost or market was not common practice for valuation of factory inventory in the United States.
Going concern: Financial statements are present on a going concern basis unless management either intends to liquidate the entity or to cease trading, or has no realistic alternative but to do so. Accrual basis of accounting:
Historical financial statements. Financial statements (or financial reports) are formal records of the financial activities and position of a business, person, or other entity.
However, if the auditor considers that the auditee is not a going concern, or will not be a going concern in the near future, then the auditor is required to include an explanatory paragraph before the opinion paragraph or following the opinion paragraph, in the audit report explaining the situation, [8] [9] which is commonly referred to as the ...
Both free and paid versions are available. It can handle Microsoft Excel .xls and .xlsx files, and also produce other file formats such as .et, .txt, .csv, .pdf, and .dbf. It supports multiple tabs, VBA macro and PDF converting. [10] Lotus SmartSuite Lotus 123 – for MS Windows. In its MS-DOS (character cell) version, widely considered to be ...
In financial accounting, a cash flow statement, also known as statement of cash flows, [1] is a financial statement that shows how changes in balance sheet accounts and income affect cash and cash equivalents, and breaks the analysis down to operating, investing and financing activities.