Write short notes on any two of the following:
(a) Going Concern Concept
(b) Full Disclosure Concept
(c) Consistency Concept
The going concern concept is a fundamental principle of accounting. It assumes that during and beyond the next fiscal period a company will complete its current plans, use its existing assets and continue to meet its financial obligations. Simply put, it is an assumption that the company will stay in business and that the value of its assets will endure. This underlying principle is also known as the continuing concern concept.
Should a company go out of business, its assets often lose the value they once held on the balance sheet. This happens because certain company-specific assets (for example, custom software) can be worth less in resale to others than the cost it took to get it. Or if a company has to sell its assets in a hurry, it may not be able to wait for an optimal selling price. If an accountant has reason to doubt the ability of a business to continue as a going concern and meet its obligations and protect its assets, they are duty-bound to include this in their audit report.
The full disclosure principle states that you should include in an entity's
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