Which of the following is a fundamental accounting assumption?
Options
AGoing Concern
BAccounting Period
CMateriality
DComparability
For any discrepancies in this question, email contact@cadada.in
Accounting Principles & JournalsMCQQuestion 5810 of 6
All Questions Correct Answer
✅ Option A — Going Concern
All Options:
- AGoing Concern ✓
- BAccounting Period
- CMateriality
- DComparability
Ad
Ad
Detailed Solution & Explanation
### Fundamental Accounting Assumption
The Going Concern assumption is a fundamental principle in accounting that assumes a business will continue to operate for the foreseeable future, allowing accountants to defer the recognition of certain expenses and spread them over multiple periods.
This solution has been verified by multiple AI reviewers for accuracy.
More Questions from Accounting Principles & Journals
What is the primary purpose of a general journal in accounting?
Which accounting principle requires that expenses be matched with the revenues they help to generate?
Explain the concept of accounting equation and its significance in financial accounting.
Discuss the legal provisions related to the maintenance of accounting records by companies under the Companies Act.
Analyze the importance of accounting standards in ensuring consistency and comparability of financial statements.
Ready to Master Accounting Principles & Journals?
Practice all 6 questions with instant feedback, earn XP, track your streaks, and ace your CA Foundation exam.
Start Practicing — It's Free