HKICPA QP Module 6 Financial Accounting Practice Questions - HKICPA Qualification Programme Associate Level Module 6 Financial Accounting (Hong Kong) Exam

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Which of the following describes the impact of the going concern assumption on the measurement of assets in the financial statements?

Assets must always be measured at their net realizable value or liquidation value It justifies measuring assets at historical cost or other carrying values rather than their immediate break-up or liquidation value It requires all non-current assets to be classified as current assets It mandates that all assets be measured at fair value through profit or loss

Correct Answer:

It justifies measuring assets at historical cost or other carrying values rather than their immediate break-up or liquidation value

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