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definition of continuity assumption for accounting?
Continuity is an accounting assumption that expects a business to continue in life indefinitely; also called going concern . [ It is the basis for using historical cost to value accounts rather than liquidation value since the company will remain in existence. ]
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Expert answered|debnjerry|Points 47471|
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Asked 6/1/2013 4:33:26 PM
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what is continuity assumption
Weegy: The continuity is one of the fundamental accounting postulates. While critical analysis of accounting literature ,the Importance, realization and the' validity of this assumption has been thoroughly questioned. [ The conclusions of the researchers study are as follow: 1- The continuity assumption does not have great affection formulation of accounting principles. 2- There is no comprehensive Conesus in accurate understanding of continuity concept. 3- The continuity is one oft-he precise assumptions and accountants should never assume that normal company will not remain in operation indefinitely under normal circumstances. They should look for and survey the existence or non existence of such a situation. ] (More)
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Updated 11/25/2017 1:17:34 PM
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Continuity assumption means that a business entity will continue to operate indefinitely, or at least for another twelve months.
Added 11/25/2017 1:17:33 PM
This answer has been confirmed as correct and helpful.
what is going concern assumption?
Weegy: Going concern assumption: An accounting guideline which allows the readers of financial statements to assume that the company will continue on long enough to carry out its objectives and commitments. [ In other words, the accountants believe that the company will not liquidate in the near future. This assumption also provides some justification for accountants to follow the cost principle. ] (More)
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Asked 5/30/2013 3:59:50 PM
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Weegy: An income statement is one of the financial statements of a company and shows the company's revenues and expenses during a particular period. (More)
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Updated 5/15/2015 11:57:28 PM
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What is revenue?
Weegy: Revenue represents the gross income a company brings in through its sales (More)
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