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Financial Accounting MCQs

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Accounting MCQ9- The accounting measurement that is not consistent with the going concern concept is

  • A. Historical cost
  • B. Realization
  • C. The transaction approach
  • D. Liquidation value
    • Answer (D) is correct. Financial accounting principles assume that a business entity is a going concern in the absence of evidence to the contrary. The concept justifies the use of depreciation and amortization schedules, and the recording of assets and liabilities using attributes other than liquidation value.

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    Detailed Answer

  • Correct Answer: Option D

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