Intermediate Accounting (16th Edition)

Published by Wiley
ISBN 10: 1118743202
ISBN 13: 978-1-11874-320-1

Chapter 2 - Conceptual Framework for Financial Reporting - Review and Practice - Brief Exercises - Page 64: BE2-9


(a) Net realizable value. (b) Would not be disclosed. Liabilities would be disclosed in the order to be paid. (c) Would not be disclosed. Depreciation would be inappropriate if the going concern assumption no longer applies. (d) Net realizable value. (e) Net realizable value (i.e., redeemable value).

Work Step by Step

Ideally, the going concern principle is a fundamental financial statement assumption that assumes an entity will remain in business for the foreseeable future; thus a company will not go into bankruptcy.
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